In its upcoming report, ConocoPhillips (COP) is predicted by Wall Street analysts to post quarterly earnings of $1.99 per share, reflecting a decline of 2% compared to the same period last year. Revenues are forecasted to be $16.37 billion, representing a year-over-year increase of 13.1%.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 19.1% 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.
With that in mind, let's delve into the average projections of some ConocoPhillips metrics that are commonly tracked and projected by analysts on Wall Street.
Based on the collective assessment of analysts, 'Revenues- Sales and other operating revenues' should arrive at $15.85 billion. The estimate indicates a year-over-year change of +14.4%.
Analysts expect 'Revenues- Equity in earnings of affiliates' to come in at $325.20 million. The estimate indicates a change of -22.8% from the prior-year quarter.
Analysts predict that the 'Sales and Other Operating Revenue- Natural gas liquids' will reach $784.31 million. The estimate indicates a change of +15.3% from the prior-year quarter.
It is projected by analysts that the 'Sales and Other Operating Revenue- Natural gas' will reach $1.74 billion. The estimate indicates a year-over-year change of -7.6%.
The collective assessment of analysts points to an estimated 'Sales and Other Operating Revenues- Canada' of $993.19 million. The estimate points to a change of +6.1% from the year-ago quarter.
According to the collective judgment of analysts, 'Sales and Other Operating Revenues- Europe, Middle East and North Africa' should come in at $1.61 billion. The estimate suggests a change of +10.8% year over year.
The average prediction of analysts places 'Sales and Other Operating Revenues- Lower 48' at $10.63 billion. The estimate suggests a change of +14.2% year over year.
Analysts' assessment points toward 'Natural gas liquids produced per day - Total company' reaching 394.54 millions of barrels of oil. Compared to the present estimate, the company reported 279 millions of barrels of oil in the same quarter last year.
Analysts forecast 'Natural gas produced per day - Total company' to reach 4,038.14 millions of cubic feet. The estimate compares to the year-ago value of 3302 millions of cubic feet.
The consensus among analysts is that 'Total Production per day' will reach 2,362.51 millions of barrels of oil equivalent. Compared to the present estimate, the company reported 1902 millions of barrels of oil equivalent in the same quarter last year.
The combined assessment of analysts suggests that 'Crude oil produced per day - Total company' will likely reach 1,192.17 millions of barrels of oil. Compared to the current estimate, the company reported 944 millions of barrels of oil in the same quarter of the previous year.
The consensus estimate for 'Average Sales Price - Natural gas - Total company' stands at $5.28. Compared to the current estimate, the company reported $5.02 in the same quarter of the previous year.
View all Key Company Metrics for ConocoPhillips here>>>
Over the past month, ConocoPhillips shares have recorded returns of +2.3% versus the Zacks S&P 500 composite's +11.5% change. Based on its Zacks Rank #3 (Hold), COP will likely exhibit a performance that aligns with the overall market in the upcoming period. 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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