ConocoPhillips (COP) Sees a More Significant Dip Than Broader Market: Some Facts to Know
In the latest trading session, ConocoPhillips (COP) closed at $116.07, marking a -0.37% move from the previous day. This change lagged the S&P 500's 0.28% loss on the day. Meanwhile, the Dow lost 0.06%, and the Nasdaq, a tech-heavy index, lost 0.56%.
The energy company's shares have seen an increase of 0.8% over the last month, surpassing the Oils-Energy sector's gain of 0.78% and falling behind the S&P 500's gain of 5.24%.
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. On that day, ConocoPhillips is projected to report earnings of $2.69 per share, which would represent a year-over-year decline of 0.74%. Simultaneously, our latest consensus estimate expects the revenue to be $15.77 billion, showing a 18.13% drop compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $9.06 per share and a revenue of $59 billion, representing changes of -32.99% and -28.19%, respectively, from the prior 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. 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 benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.01% lower. Right now, ConocoPhillips possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, ConocoPhillips is currently exchanging hands at a Forward P/E ratio of 12.86. Its industry sports an average Forward P/E of 14.7, so one might conclude that ConocoPhillips is trading at a discount comparatively.
Also, we should mention that COP has a PEG ratio of 0.71. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.7 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 186, this industry ranks in the bottom 27% of all industries, numbering over 250.
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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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ConocoPhillips (COP) : Free Stock Analysis Report
