ConocoPhillips (COP) Outpaces Stock Market Gains: What You Should Know
ConocoPhillips (COP) closed at $99.75 in the latest trading session, marking a +1.86% move from the prior day. This change outpaced the S&P 500's 1.42% gain on the day. Meanwhile, the Dow gained 1%, and the Nasdaq, a tech-heavy index, added 5.16%.
Heading into today, shares of the energy company had lost 5.24% over the past month, lagging the Oils-Energy sector's loss of 4.02% and the S&P 500's gain of 0.27% in that time.
Investors will be hoping for strength from ConocoPhillips as it approaches its next earnings release, which is expected to be May 4, 2023. In that report, analysts expect ConocoPhillips to post earnings of $2.36 per share. This would mark a year-over-year decline of 27.83%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.63 billion, down 18.95% from the year-ago period.
COP's full-year Zacks Consensus Estimates are calling for earnings of $11.65 per share and revenue of $65.58 billion. These results would represent year-over-year changes of -13.83% and -20.17%, respectively.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.86% higher. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 8.41 right now. This represents a discount compared to its industry's average Forward P/E of 10.75.
It is also worth noting that COP currently has a PEG ratio of 0.46. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.46 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 156, putting it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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