ConocoPhillips COP is set to report first-quarter 2022 results on May 5, before the opening bell.
In the last reported quarter, the upstream energy company reported earnings of $2.27 per share, beating the Zacks Consensus Estimate of $2.20. In the trailing four quarters, ConocoPhillips beat the Zacks Consensus Estimate for the bottom line, delivering an earnings surprise of 12.6%, on average. This is depicted in the graph below:
ConocoPhillips Price and EPS Surprise
ConocoPhillips price-eps-surprise | ConocoPhillips Quote
Let’s see how things have shaped up prior to the announcement.
The Zacks Consensus Estimate for its first-quarter earnings per share of $3.24 has witnessed seven upward and no downward movements in the past 30 days. This suggests a year-over-year improvement of 369.6%.
The Zacks Consensus Estimate for its revenues for the March quarter is pegged at $16.5 billion, suggesting a year-over-year increase of 55.8%.
Factors to Consider
In the March quarter, crude oil and natural prices increased significantly compared to the prior-year quarter. Healthier commodity prices are likely to have aided ConocoPhillips since the company is a leading upstream energy player.
The Zacks Consensus Estimate for ConocoPhillips’ daily crude oil production is pegged at 932 thousand barrels per day (MBbl/d), suggesting an improvement from 818 MBbl/d in the year-ago quarter.
Thus, higher commodity prices and crude production are likely to have aided ConocoPhillips’ earnings.
Our proven model does not indicate an earnings beat for ConocoPhillips this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is not the case here.
Earnings ESP: ConocoPhillips has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ConocoPhillips currently sports a Zacks Rank #1.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Callon Petroleum Company CPE has an Earnings ESP of +0.11% and currently carries a Zacks Rank of 3.
Callon is scheduled to report first-quarter results on May 4. The Zacks Consensus Estimate for CPE’s earnings is pegged at $3.28 per share, suggesting a massive increase from the prior-year reported figure. You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources EOG has an Earnings ESP of +0.89% and is a Zacks #1 Ranked player at present.
EOG Resources is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for EOG’s quarterly earnings is pegged at $3.69 per share, suggesting an increase of 127.8% from the prior-year figure.
Magellan Midstream Partners, L.P. MMP has an Earnings ESP of +0.95% and is a Zacks #3 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 5. The Zacks Consensus Estimate for MMP’s earnings is pegged at $1.05 per unit.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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ConocoPhillips (COP) : Free Stock Analysis Report
Magellan Midstream Partners, L.P. (MMP) : Free Stock Analysis Report
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
Callon Petroleum Company (CPE) : Free Stock Analysis Report
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