Oil and gas producer ConocoPhillips (NYSE:COP) will be announcing earnings results this Thursday before market hours. Here’s what you need to know.
ConocoPhillips beat analysts’ revenue expectations last quarter, reporting revenues of $16.05 billion, down 6.1% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates. It reported a year-on-year oil production decline of 4.7%.
Is ConocoPhillips a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ConocoPhillips’s revenue to grow 20.8% year on year, improving from the 4.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. ConocoPhillips rarely misses Wall Street’s revenue estimates.
Looking at ConocoPhillips’s peers in the diversified upstream e&p segment, some have already reported their Q2 results, giving us a hint as to what we can expect. ExxonMobil delivered year-on-year revenue growth of 42.3%, beating analysts’ expectations by 6.8%, and Devon Energy reported revenues up 80.2%, topping estimates by 18.8%. ExxonMobil traded down 1.1% following the results.
Read our full analysis of ExxonMobil’s results here and Devon Energy’s results here.
There has been positive sentiment among investors in the diversified upstream e&p segment, with share prices up 6.7% on average over the last month. ConocoPhillips is up 13.7% during the same time and is heading into earnings with an average analyst price target of $141.20 (compared to the current share price of $117.77).
ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable.
These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.