In the latest market close, ConocoPhillips (COP) stock dipped to $113.13, reflecting a 0.75% decline from the previous day. This downturn contrasted with the broader market’s upward trajectory, where the S&P 500 posted a gain of 0.55%, the Dow added 0.62%, and the tech-heavy Nasdaq increased by 0.63%.
Over the past month, ConocoPhillips has seen a 2.8% rise in its stock value, which stands out against a stark 11.53% decline in the broader Oils-Energy sector. However, it still lagged behind the S&P 500’s 4.28% gain during the same period.
Investors are eagerly awaiting ConocoPhillips’ financial results scheduled for release on August 1, 2024. The company is expected to report an earnings per share (EPS) of $2.25, a notable increase of 22.28% from the same quarter last year. The consensus estimate for the quarterly revenue is pegged at $15.3 billion, marking an 18.72% rise from the previous year.
For the full year, Zacks Consensus Estimates project earnings at $8.95 per share with a revenue of $61.33 billion, reflecting year-over-year increases of 2.05% and 4.7%, respectively.
Market watchers are advised to keep an eye on updates in analysts’ forecasts for ConocoPhillips, as these revisions often mirror the latest trends and shifts in the company’s operational landscape. Positive changes in these estimates typically signal increased confidence among analysts regarding the firm’s performance and profitability.
Research underscores a strong relationship between estimate revisions and short-term share price momentum. Investors can leverage this insight using the Zacks Rank, a system that translates estimate changes into a straightforward, actionable rating.
The Zacks Rank assigns ratings from #1 (Strong Buy) to #5 (Strong Sell). Historically, stocks ranked #1 have delivered an average annual return of +25% since 1988, according to external audits. For ConocoPhillips, the Zacks Consensus EPS estimate has dipped 0.43% in the past month, resulting in a current Zacks Rank of #3 (Hold).
Valuation-wise, ConocoPhillips trades at a Forward P/E ratio of 12.73, which is more affordable compared to its industry’s Forward P/E of 16.61. Furthermore, the company has a PEG ratio of 2.02, which, similar to the P/E ratio, takes into account the anticipated earnings growth. The average PEG ratio for the Oil and Gas – Integrated – United States industry stood at 2.66 as of the previous close.
Positioned within the Oils-Energy sector, the Oil and Gas – Integrated – United States industry is ranked 158 according to the Zacks Industry Rank, placing it within the bottom 38% of over 250 industries. The Zacks Industry Rank is a measure designed to assess the overall strength of industry groups by averaging the Zacks Rank of the constituent stocks. Historically, the top 50% rated industries have outperformed the bottom half by a factor of 2 to 1.
To stay updated on these and other critical stock-moving metrics, visit Zacks.com for more insights.
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ConocoPhillips (COP) : Free Stock Analysis Report
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 dips to $113.13 amid broader market gains. Upcoming earnings on Aug 1 expected to show a 22.28% EPS increase. Stay updated!){kind=link}