Prominent force in the global energy sector, ConocoPhillips (COP) was founded in 1917 and is headquartered in Houston, Texas. With a market cap of $109.1 billion, ConocoPhillips specializes in crude oil, natural gas, and natural gas liquids production, and its extensive portfolio spans diverse energy assets, where it combines cutting-edge technology with expertise to drive efficient production and exploration. 

The company is set to release its first-quarter earnings before the market opens on Thursday, May 8. Ahead of the event, analysts expect ConocoPhillips to announce a profit of $2.01 per share, down marginally from $2.03 per share reported in the year-ago quarter. The company has surpassed Wall Street’s EPS projections in three of the past four quarters while missing on one other occasion.

Analysts expect the energy company to report an EPS of $7.11 in fiscal 2025, down 8.7% from $7.79 in fiscal 2024. However, its EPS is projected to grow 6.5% year over year to $7.57 in fiscal 2026.

ConocoPhillips' shares have declined 29.5% over the past 52 weeks, significantly underperforming the S&P 500 Index's ($SPX) 9.4% gains and the Energy Select Sector SPDR Fund’s (XLE) 14.7% fall over the same period.

ConocoPhillips shares dipped more than 2% on Apr. 21, along with several other energy producers, as the price of WTI crude dropped over 2%.

Nevertheless, the consensus opinion on ConocoPhillips stock is very bullish, with a “Strong Buy” rating overall. Out of the 27 analysts covering the stock, 21 recommend “Strong Buy,” four advise “Moderate Buy,” and two suggest a “Hold” rating. 

The average target price for COP is $119.08, indicating a potential upside of 29.8% from the current price levels.