ConocoPhillips (COP) closed the most recent trading day at $98.76, moving -0.44% from the previous trading session. This change lagged the S&P 500's 0.21% loss on the day. Meanwhile, the Dow lost 0.43%, and the Nasdaq, a tech-heavy index, added 0.01%.
Heading into today, shares of the energy company had lost 12.54% over the past month, outpacing the Oils-Energy sector's loss of 15.96% and lagging the S&P 500's loss of 9.7% in that time.
ConocoPhillips will be looking to display strength as it nears its next earnings release, which is expected to be November 3, 2022. In that report, analysts expect ConocoPhillips to post earnings of $4.05 per share. This would mark year-over-year growth of 128.81%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $18.41 billion, up 58.45% from the year-ago period.
COP's full-year Zacks Consensus Estimates are calling for earnings of $14.54 per share and revenue of $78.07 billion. These results would represent year-over-year changes of +141.93% and +61.47%, respectively.
Investors should also note any recent changes to analyst estimates for ConocoPhillips. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.3% lower within the past month. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, ConocoPhillips currently has a Forward P/E ratio of 6.82. Its industry sports an average Forward P/E of 9.03, so we one might conclude that ConocoPhillips is trading at a discount comparatively.
Meanwhile, COP's PEG ratio is currently 0.35. 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 0.35 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 181, which puts it in the bottom 29% of all 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.
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