Will ConocoPhillips Report Another Upside Surprise This Quarter?
Heading into the second quarter, analysts expected that ConocoPhillips (NYSE: COP) would report another adjusted loss, with the consensus that it would repeat its first-quarter showing and lose $0.02 per share. However, the company surprised everyone by delivering an adjusted profit of $178 million, or $0.14 per share. Five factors drove that result, led by its ability to squeeze out more costs.
Despite that strong showing, analysts expect earnings to head backward in the third quarter, with the consensus that the oil giant will earn $0.06 per share when it reports later this week. Driving the downbeat view is that oil was weaker this quarter and that production could be under pressure due to the timing of asset sales and other issues. But investors have a couple of reasons to be optimistic that the company could beat expectations once again.
Image source: Getty Images.
Source: Fool.com
