ConocoPhillips (COP) Surpasses Market Returns: Some Facts Worth Knowing
In the latest market close, ConocoPhillips (COP) reached $117.66, with a +0.71% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily gain of 0.17%. Meanwhile, the Dow lost 0.05%, and the Nasdaq, a tech-heavy index, added 0.2%.
The energy company's stock has climbed by 1.72% in the past month, exceeding the Oils-Energy sector's gain of 1.03% and lagging the S&P 500's gain of 4.71%.
Investors will be eagerly watching for the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 8, 2024. The company's earnings per share (EPS) are projected to be $2.70, reflecting a 0.37% decrease from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $15.77 billion, indicating a 18.13% decline compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $9.07 per share and a revenue of $59 billion, representing changes of -32.91% and -28.19%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business 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, 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. The Zacks Consensus EPS estimate has moved 0.24% lower within the past month. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note ConocoPhillips's current valuation metrics, including its Forward P/E ratio of 12.89. This represents a discount compared to its industry's average Forward P/E of 14.73.
Investors should also note that COP has a PEG ratio of 0.71 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - United States industry had an average PEG ratio of 0.68 as trading concluded yesterday.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 186, positioning it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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ConocoPhillips (COP) : Free Stock Analysis Report
