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? .
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 and .
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).
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