ConocoPhillips (COP) Gains As Market Dips: What You Should Know
In the latest market close, ConocoPhillips (COP) reached $113.99, with a +1.3% movement compared to the previous day. The stock outpaced the S&P 500's daily loss of 0.88%. At the same time, the Dow added 0.08%, and the tech-heavy Nasdaq lost 1.95%.
Prior to today's trading, shares of the energy company had gained 0.3% over the past month. This has outpaced the Oils-Energy sector's loss of 12.58% and lagged the S&P 500's gain of 5.11% in that time.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on August 1, 2024. The company is forecasted to report an EPS of $2.25, showcasing a 22.28% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $15.3 billion, up 18.72% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.95 per share and a revenue of $61.33 billion, representing changes of +2.05% and +4.7%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for ConocoPhillips. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.43% lower. As of now, ConocoPhillips holds a Zacks Rank of #3 (Hold).
From a valuation perspective, ConocoPhillips is currently exchanging hands at a Forward P/E ratio of 12.57. This denotes a discount relative to the industry's average Forward P/E of 15.69.
We can also see that COP currently has a PEG ratio of 1.99. 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 currently had an average PEG ratio of 2.61 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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