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- ConocoPhillips (NYSE:COP) is scheduled to announce Q3 earnings results on Thursday, November 3rd, before market open.
- The consensus EPS Estimate is $3.44 (+94.4% Y/Y) and the consensus Revenue Estimate is $18.23B (+57.0% Y/Y).
- Over the last 2 years, COP has beaten EPS estimates 88% of the time and has beaten revenue estimates 38% of the time.
- Over the last 3 months, EPS estimates have seen 6 upward revisions and 11 downward. Revenue estimates have seen 1 upward revision and 5 downward.
- COP stock has risen 74.7% so far this year as of Wednesday's close, owing to a surge in crude and natural gas prices, while the benchmark S&P 500 index has fallen 18.8%.
- SA Contributor Michael Wiggins De Oliveira maintains a bullish view on stock, calls it "a compelling investment" if WTI prices range from $70 to $90 in 2023.
- So far, U.S. oil majors like Exxon and Chevron comfortably beat Wall Street consensus and raked in over $30B in combined profits.
- Other rivals like SLB, Baker Hughes, Hess and Halliburton saw a surge in production and drilling activity in Q3.
- COP was recently chosen by QatarEnergies as its 3rd international partner, along with Total and Shell, for a major offshore LNG project.
- Conocophillips is also expected to declare its quarterly dividend tomorrow along with results. Many anticipate COP will also hike dividend similar to its peers like Exxon, Marathon Petroleum and Devon Energy.