Analysts on Wall Street project that ConocoPhillips (COP) will announce quarterly earnings of $1.08 per share in its forthcoming report, representing a decline of 45.5% year over year. Revenues are projected to reach $14.05 billion, declining 4.7% from the same quarter last year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 12.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific ConocoPhillips metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'Revenues- Sales and other operating revenues' reaching $13.66 billion. The estimate indicates a year-over-year change of -4.1%.
According to the collective judgment of analysts, 'Revenues- Equity in earnings of affiliates' should come in at $260.35 million. The estimate indicates a change of -40.8% from the prior-year quarter.
The collective assessment of analysts points to an estimated 'Revenues- Other Income' of $112.33 million. The estimate indicates a change of +17% from the prior-year quarter.
The combined assessment of analysts suggests that 'Sales and Other Operating Revenue- Alaska' will likely reach $1.34 billion. The estimate points to a change of -17.5% from the year-ago quarter.
The average prediction of analysts places 'Sales and Other Operating Revenue- Europe, Middle East and North Africa' at $1.43 billion. The estimate points to a change of -15.9% from the year-ago quarter.
The consensus among analysts is that 'Sales and Other Operating Revenue- Lower 48' will reach $9.35 billion. The estimate suggests a change of -2.4% year over year.
Based on the collective assessment of analysts, 'Total production per day' should arrive at 2,330.30 thousands of barrels of oil equivalent. The estimate compares to the year-ago value of 2,183.00 thousands of barrels of oil equivalent.
Analysts predict that the 'Natural gas produced per day - Total company' will reach . Compared to the current estimate, the company reported in the same quarter of the previous year.
Analysts expect 'Natural gas liquids produced per day - Total company' to come in at 416.02 thousands of barrels of oil. Compared to the present estimate, the company reported 362.00 thousands of barrels of oil in the same quarter last year.
The consensus estimate for 'Average Sales Price - Crude oil - Total company per bbl' stands at $60.26 . Compared to the current estimate, the company reported $71.04 in the same quarter of the previous year.
It is projected by analysts that the 'Crude oil produced per day - Total company' will reach 1,123.64 thousands of barrels of oil. Compared to the present estimate, the company reported 1,070.00 thousands of barrels of oil in the same quarter last year.
Analysts forecast 'Average Sales Price - Natural gas - Total company' to reach $4.34 . Compared to the present estimate, the company reported $5.12 in the same quarter last year.
View all Key Company Metrics for ConocoPhillips here>>>
Shares of ConocoPhillips have experienced a change of +2.6% in the past month compared to the +1.8% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), COP is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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ConocoPhillips (COP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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