Yahoo Finance ConocoPhillips (COP) Advances While Market Declines: Some Information for Investors
In the latest trading session, ConocoPhillips (COP) closed at $130.11, marking a +0.64% move from the previous day. This change outpaced the S&P 500's 0.46% loss on the day. At the same time, the Dow lost 0.98%, and the tech-heavy Nasdaq lost 0.64%.
The energy company's shares have seen an increase of 1.92% over the last month, not keeping up with the Oils-Energy sector's gain of 4.21% and outstripping the S&P 500's loss of 3.04%.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on May 2, 2024. The company is expected to report EPS of $2.09, down 12.18% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $14.78 billion, indicating a 4.72% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.57 per share and a revenue of $61.62 billion, indicating changes of +9.12% and +5.2%, respectively, from the former year.
Investors should also pay attention to any latest changes in 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. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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, the Zacks Consensus EPS estimate has shifted 8.83% upward. At present, ConocoPhillips boasts a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 13.51 right now. This signifies a discount in comparison to the average Forward P/E of 15.85 for its industry.
We can additionally observe that COP currently boasts a PEG ratio of 2.7. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Oil and Gas - Integrated - United States industry was having an average PEG ratio of 2.25.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 39, putting it in the top 16% of all 250+ industries.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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ConocoPhillips (COP) : Free Stock Analysis Report
