ConocoPhillips (COP) Reports Q3 Loss, Misses Revenue Estimates

ConocoPhillips (COP - Free Report) came out with a quarterly loss of $0.31 per share versus the Zacks Consensus Estimate of a loss of $0.30. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this energy company would post a loss of $0.57 per share when it actually produced a loss of $0.92, delivering a surprise of -61.40%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

ConocoPhillips, which belongs to the Zacks Oil and Gas - Integrated - United States industry, posted revenues of $4.38 billion for the quarter ended September 2020, missing the Zacks Consensus Estimate by 8.70%. This compares to year-ago revenues of $10.09 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ConocoPhillips shares have lost about 55.7% since the beginning of the year versus the S&P 500's gain of 1.3%.

What's Next for ConocoPhillips?

While ConocoPhillips has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

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