COP Stock Fell Over 2% Intraday; Good Opportunity to Buy?

ConocoPhillips (NYSE: COP) stock lost over $2.27 on the June 22 trading session. It opened trading at $102.64, dipped to $101.10, hit a high of $102.88, and closed trading at $101.43, which is 2.19% less than the opening price.

In the pre-market session, COP Stock displayed a steep decline of 0.74% intraday between the trading range of $101.10 and $102.88. In a month, the price decreased by 2.90% and by 10.75% in six months.

After analyzing the technical aspects of COP Stock, it is probable that the ongoing decline of the stock might be profitable for investors in the long run.

It is assumed that by the end of 2023, COP Stock might hit its annual target of $130.79. Data from TradingView states that 1.208 billion shares of the company are free-floating, while the remaining 1.758 million are closely held by investors or the board and its members.

In the financial year 2022, ConocoPhillips generated $78.58 billion in revenue, constituting $18.62 billion of net income and 23.69% of profit margin. The revenue-to-profit conversion consists of 38% gross profit, 43% Ebitda, 33% EBIT, and 24% net income.

ConocoPhillips(NYSE: COP) Earnings and Revenue

In Q1 2023, ConocoPhillips reported 1.64% less revenue than the estimated figures. The estimated revenue was $15.78 Billion while the company’s reported revenue was $15.52 billion.

It is important to note that the company constantly reported positive revenue in the last three quarters of 2022. It is claimed that ConocoPhillips might report $15.71 billion in revenue in Q2 2023.

Earning Per Share surged by 15.54% in Q1 2023 compared to the estimated figures. In Q1 2023, net income of the company was $2.92 billion, and the profit margin was 19.75%. Most of ConocoPhillips’ revenue is generated from transporting and marketing crude oil, natural gas, bitumen, and many other products related to petroleum and energy.

ConocoPhillips majorly operates in the United States, United Kingdom, Canada, Norway, Libya, Malaysia, China, Indonesia, and other countries. In the short term, the company’s total assets were $18.75 billion, and liabilities were $12.85 billion.

The company’s total debt is $17.19 billion, $18.16 Billion Cash & Equivalents is $6.46 Billion.

As per recent information, information regarding earnings and revenue of Q2 2023 will be released on August 3 before the markets open, and a conference web call will be conducted to discuss the outcomes.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing