ConocoPhillips (COP) Ascends But Remains Behind Market: Some Facts to Note
ConocoPhillips (COP) closed the latest trading day at $116.83, indicating a +0.12% change from the previous session's end. The stock lagged the S&P 500's daily gain of 1.03%. Meanwhile, the Dow gained 0.87%, and the Nasdaq, a tech-heavy index, added 1.26%.
Shares of the energy company witnessed a gain of 1.6% over the previous month, beating the performance of the Oils-Energy sector with its loss of 0.19% and underperforming the S&P 500's gain of 3.01%.
The upcoming earnings release of ConocoPhillips will be of great interest to investors. The company's earnings report is expected on February 8, 2024. The company's upcoming EPS is projected at $2.70, signifying a 0.37% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $15.77 billion, indicating a 18.13% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $9.07 per share and revenue of $59 billion, indicating changes of -32.91% and -28.19%, respectively, compared to the previous year.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.24% lower within the past month. ConocoPhillips currently has a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is currently trading at a Forward P/E ratio of 12.87. This signifies a discount in comparison to the average Forward P/E of 14.53 for its industry.
Also, we should mention that COP has a PEG ratio of 0.71. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.68 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 187, this industry ranks in the bottom 26% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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) : Free Stock Analysis Report
