ConocoPhillips (COP) Gains But Lags Market: What You Should Know
ConocoPhillips (COP) closed the most recent trading day at $118.24, moving +0.14% from the previous trading session. This move lagged the S&P 500's daily gain of 1.29%. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 10.96%.
Heading into today, shares of the energy company had gained 4.12% over the past month, lagging the Oils-Energy sector's gain of 4.41% and outpacing the S&P 500's loss of 0.23% in that time.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be February 2, 2023. On that day, ConocoPhillips is projected to report earnings of $3.23 per share, which would represent year-over-year growth of 42.29%. Meanwhile, our latest consensus estimate is calling for revenue of $17.72 billion, up 11.03% from the prior-year quarter.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 4.39% lower. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 9.51 right now. This valuation marks a discount compared to its industry's average Forward P/E of 11.74.
It is also worth noting that COP currently has a PEG ratio of 0.5. 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. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.48 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) : Free Stock Analysis Report
