ConocoPhillips (COP) Rises Yet Lags Behind Market: Some Facts Worth Knowing
ConocoPhillips (COP) closed at $116.53 in the latest trading session, marking a +0.04% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.18%. Elsewhere, the Dow gained 0.07%, while the tech-heavy Nasdaq added 0.1%.
The the stock of energy company has risen by 5.08% in the past month, leading the Oils-Energy sector's gain of 1.79% and the S&P 500's gain of 2.75%.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on February 8, 2024. The company's earnings per share (EPS) are projected to be $2.67, reflecting a 1.48% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $15.72 billion, indicating a 18.4% decrease compared to the same quarter of the previous year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.1% lower. ConocoPhillips presently features a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 10.14 right now. Its industry sports an average Forward P/E of 11.73, so one might conclude that ConocoPhillips is trading at a discount comparatively.
One should further note that COP currently holds a PEG ratio of 0.56. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Integrated - United States industry had an average PEG ratio of 0.55.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 180, placing it within the bottom 29% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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
