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ConocoPhillips (COP) Stock Sinks As Market Gains: Here's Why
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ConocoPhillips (COP - Free Report) closed the most recent trading day at $110.86, moving -0.15% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 1.11% for the day. Meanwhile, the Dow gained 1.64%, and the Nasdaq, a tech-heavy index, added 1.03%.
Coming into today, shares of the energy company had lost 2.58% in the past month. In that same time, the Oils-Energy sector lost 10.8%, while the S&P 500 lost 1.16%.
Analysts and investors alike will be keeping a close eye on the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to go public on August 1, 2024. The company's earnings per share (EPS) are projected to be $2.06, reflecting a 11.96% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $15.07 billion, reflecting a 16.98% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $8.73 per share and a revenue of $61 billion, signifying shifts of -0.46% and +4.15%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 1.78% fall in the Zacks Consensus EPS estimate. Currently, ConocoPhillips is carrying a Zacks Rank of #3 (Hold).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 12.71. Its industry sports an average Forward P/E of 16.46, so one might conclude that ConocoPhillips is trading at a discount comparatively.
We can additionally observe that COP currently boasts a PEG ratio of 2.19. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. COP's industry had an average PEG ratio of 2.31 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 102, placing it within the top 41% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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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ConocoPhillips (COP) Stock Sinks As Market Gains: Here's Why
ConocoPhillips (COP - Free Report) closed the most recent trading day at $110.86, moving -0.15% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 1.11% for the day. Meanwhile, the Dow gained 1.64%, and the Nasdaq, a tech-heavy index, added 1.03%.
Coming into today, shares of the energy company had lost 2.58% in the past month. In that same time, the Oils-Energy sector lost 10.8%, while the S&P 500 lost 1.16%.
Analysts and investors alike will be keeping a close eye on the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to go public on August 1, 2024. The company's earnings per share (EPS) are projected to be $2.06, reflecting a 11.96% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $15.07 billion, reflecting a 16.98% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $8.73 per share and a revenue of $61 billion, signifying shifts of -0.46% and +4.15%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 1.78% fall in the Zacks Consensus EPS estimate. Currently, ConocoPhillips is carrying a Zacks Rank of #3 (Hold).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 12.71. Its industry sports an average Forward P/E of 16.46, so one might conclude that ConocoPhillips is trading at a discount comparatively.
We can additionally observe that COP currently boasts a PEG ratio of 2.19. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. COP's industry had an average PEG ratio of 2.31 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 102, placing it within the top 41% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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.