ConocoPhillips (COP) Increases Despite Market Slip: Here's What You Need to Know

The most recent trading session ended with ConocoPhillips (COP) standing at $111.86, reflecting a +0.8% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a loss of 0.21% for the day. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.05%.The energy company's shares have seen an increase of 8.19% over the last month, surpassing the Oils-Energy sector's loss of 4.39% and the S&P 500's gain of 5.94%.The investment community will be paying close attention to the earnings performance of ConocoPhillips in its upcoming release. The company is slated to reveal its earnings on October 31, 2024. The company's upcoming EPS is projected at $1.96, signifying a 9.26% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $14.97 billion, indicating a 0.72% increase compared to the same quarter of the previous year.COP's full-year Zacks Consensus Estimates are calling for earnings of $8.03 per share and revenue of $59.06 billion. These results would represent year-over-year changes of -8.44% and +0.82%, respectively.Additionally, investors should keep an eye on any recent revisions to analyst forecasts 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 suggests that these changes in estimates have a direct relationship with upcoming 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.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 4.65% lower. At present, ConocoPhillips boasts a Zacks Rank of #3 (Hold).In terms of valuation, ConocoPhillips is presently being traded at a Forward P/E ratio of 13.83. For comparison, its industry has an average Forward P/E of 15.47, which means ConocoPhillips is trading at a discount to the group.Meanwhile, COP's PEG ratio is currently 0.88. 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. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 2.27 as of yesterday's close.The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 190, finds itself in the bottom 25% echelons 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.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks