ConocoPhillips (COP) Stock Slides as Market Rises: Facts to Know Before You Trade
In the latest market close, ConocoPhillips (COP) reached $107.99, with a -0.06% movement compared to the previous day. This move lagged the S&P 500's daily gain of 0.29%. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq appreciated by 0.43%.
Coming into today, shares of the energy company had lost 8.16% in the past month. In that same time, the Oils-Energy sector lost 5.56%, while the S&P 500 gained 2.08%.
The investment community will be paying close attention to the earnings performance of ConocoPhillips in its upcoming release. The company is slated to reveal its earnings on February 8, 2024. It is anticipated that the company will report an EPS of $2.28, marking a 15.87% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $15.35 billion, reflecting a 20.33% fall from the equivalent quarter last year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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.
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. Over the past month, there's been a 12.7% fall in the Zacks Consensus EPS estimate. Right now, ConocoPhillips possesses a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is presently being traded at a Forward P/E ratio of 10.7. Its industry sports an average Forward P/E of 11.9, so one might conclude that ConocoPhillips is trading at a discount comparatively.
It is also worth noting that COP currently has a PEG ratio of 0.59. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated 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 223, finds itself in the bottom 12% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ConocoPhillips (COP) : Free Stock Analysis Report
