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Here's Why ConocoPhillips (COP) Fell More Than Broader Market
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ConocoPhillips (COP - Free Report) closed at $114.35 in the latest trading session, marking a -1.94% move from the prior day. This change lagged the S&P 500's 0.71% loss on the day. On the other hand, the Dow registered a loss of 0.93%, and the technology-centric Nasdaq decreased by 0.81%.
The energy company's stock has climbed by 4.74% in the past month, exceeding the Oils-Energy sector's loss of 8.42% and the S&P 500's gain of 1.08%.
The investment community will be closely monitoring the performance of ConocoPhillips in its forthcoming earnings report. The company is scheduled to release its earnings on August 1, 2024. The company's earnings per share (EPS) are projected to be $2.15, reflecting a 16.85% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $15.27 billion, indicating a 18.52% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $8.81 per share and a revenue of $61.44 billion, signifying shifts of +0.46% and +4.89%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for ConocoPhillips. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.91% decrease. ConocoPhillips is currently a Zacks Rank #3 (Hold).
With respect to valuation, ConocoPhillips is currently being traded at a Forward P/E ratio of 13.24. This valuation marks a discount compared to its industry's average Forward P/E of 16.7.
We can additionally observe that COP currently boasts a PEG ratio of 2.1. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 3.9 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Here's Why ConocoPhillips (COP) Fell More Than Broader Market
ConocoPhillips (COP - Free Report) closed at $114.35 in the latest trading session, marking a -1.94% move from the prior day. This change lagged the S&P 500's 0.71% loss on the day. On the other hand, the Dow registered a loss of 0.93%, and the technology-centric Nasdaq decreased by 0.81%.
The energy company's stock has climbed by 4.74% in the past month, exceeding the Oils-Energy sector's loss of 8.42% and the S&P 500's gain of 1.08%.
The investment community will be closely monitoring the performance of ConocoPhillips in its forthcoming earnings report. The company is scheduled to release its earnings on August 1, 2024. The company's earnings per share (EPS) are projected to be $2.15, reflecting a 16.85% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $15.27 billion, indicating a 18.52% upward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $8.81 per share and a revenue of $61.44 billion, signifying shifts of +0.46% and +4.89%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for ConocoPhillips. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.91% decrease. ConocoPhillips is currently a Zacks Rank #3 (Hold).
With respect to valuation, ConocoPhillips is currently being traded at a Forward P/E ratio of 13.24. This valuation marks a discount compared to its industry's average Forward P/E of 16.7.
We can additionally observe that COP currently boasts a PEG ratio of 2.1. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 3.9 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 202, this industry ranks in the bottom 20% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.