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ConocoPhillips (COP) Outperforms Broader Market: What You Need to Know
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ConocoPhillips (COP - Free Report) closed the latest trading day at $114.54, indicating a +1.89% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.9%. On the other hand, the Dow registered a gain of 0.81%, and the technology-centric Nasdaq increased by 1.22%.
Coming into today, shares of the energy company had gained 4.63% in the past month. In that same time, the Oils-Energy sector gained 5.22%, while the S&P 500 gained 3.15%.
The investment community will be paying close attention to the earnings performance of ConocoPhillips in its upcoming release. The company is slated to reveal its earnings on October 31, 2024. The company is expected to report EPS of $1.96, down 9.26% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $14.97 billion, indicating a 0.72% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.03 per share and a revenue of $59.06 billion, representing changes of -8.44% and +0.82%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.6% lower within the past month. ConocoPhillips presently features a Zacks Rank of #3 (Hold).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 14.01. For comparison, its industry has an average Forward P/E of 16.05, which means ConocoPhillips is trading at a discount to the group.
Also, we should mention that COP has a PEG ratio of 0.89. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Integrated - United States industry had an average PEG ratio of 2.31.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 196, putting it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow COP in the coming trading sessions, be sure to utilize Zacks.com.
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ConocoPhillips (COP) Outperforms Broader Market: What You Need to Know
ConocoPhillips (COP - Free Report) closed the latest trading day at $114.54, indicating a +1.89% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.9%. On the other hand, the Dow registered a gain of 0.81%, and the technology-centric Nasdaq increased by 1.22%.
Coming into today, shares of the energy company had gained 4.63% in the past month. In that same time, the Oils-Energy sector gained 5.22%, while the S&P 500 gained 3.15%.
The investment community will be paying close attention to the earnings performance of ConocoPhillips in its upcoming release. The company is slated to reveal its earnings on October 31, 2024. The company is expected to report EPS of $1.96, down 9.26% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $14.97 billion, indicating a 0.72% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.03 per share and a revenue of $59.06 billion, representing changes of -8.44% and +0.82%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.6% lower within the past month. ConocoPhillips presently features a Zacks Rank of #3 (Hold).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 14.01. For comparison, its industry has an average Forward P/E of 16.05, which means ConocoPhillips is trading at a discount to the group.
Also, we should mention that COP has a PEG ratio of 0.89. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Integrated - United States industry had an average PEG ratio of 2.31.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 196, putting it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow COP in the coming trading sessions, be sure to utilize Zacks.com.