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Here's Why ConocoPhillips (COP) Fell More Than Broader Market

ConocoPhillips (COP) closed at $127.81 in the latest trading session, marking a -0.41% move from the prior day. This change lagged the S&P 500's 0.22% loss on the day. At the same time, the Dow added 0.06%, and the tech-heavy Nasdaq lost 0.52%.

Prior to today's trading, shares of the energy company had gained 5.27% over the past month. This has outpaced the Oils-Energy sector's gain of 3.38% and the S&P 500's loss of 1.66% in that time.

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 May 2, 2024. The company is expected to report EPS of $2.11, down 11.34% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $14.79 billion, indicating a 4.66% downward movement from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $9.35 per share and a revenue of $61.04 billion, signifying shifts of +6.61% and +4.2%, respectively, from the last year.

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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. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 6.28% increase. ConocoPhillips is currently a Zacks Rank #3 (Hold).

With respect to valuation, ConocoPhillips is currently being traded at a Forward P/E ratio of 13.73. Its industry sports an average Forward P/E of 15.13, so one might conclude that ConocoPhillips is trading at a discount comparatively.

We can additionally observe that COP currently boasts a PEG ratio of 2.75. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Oil and Gas - Integrated - United States industry held an average PEG ratio of 2.19.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 53, putting it in the top 22% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.

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ConocoPhillips (COP) : Free Stock Analysis Report

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Zacks Investment Research