ConocoPhillips (COP) Stock Dips While Market Gains: Key Facts
In the latest trading session, ConocoPhillips (COP) closed at $111.60, marking a -0.56% move from the previous day. This change lagged the S&P 500's daily gain of 0.76%. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 1.12%.
Heading into today, shares of the energy company had lost 3.31% over the past month, lagging the Oils-Energy sector's loss of 2.82% and the S&P 500's gain of 2.5% in that time.
Analysts and investors alike will be keeping a close eye on the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to go public on February 8, 2024. In that report, analysts expect ConocoPhillips to post earnings of $2.19 per share. This would mark a year-over-year decline of 19.19%. Meanwhile, our latest consensus estimate is calling for revenue of $15.18 billion, down 21.2% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for ConocoPhillips. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 17.24% downward. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 11.73 right now. This valuation marks a discount compared to its industry's average Forward P/E of 12.91.
It is also worth noting that COP currently has a PEG ratio of 0.64. 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 had an average PEG ratio of 0.53 as trading concluded yesterday.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 232, finds itself in the bottom 8% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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
