ConocoPhillips beats Street 3Q forecasts

MarketsAssociated Press

ConocoPhillips (COP) on Thursday reported third-quarter net income of $420 million, after reporting a loss in the same period a year earlier.

The Houston-based company said it had profit of 34 cents per share. Earnings, adjusted for non-recurring gains, were 16 cents per share.

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The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The energy company posted revenue of $7.2 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $6.55 billion.

ConocoPhillips shares have dropped slightly since the beginning of the year, while the Standard & Poor's 500 index has increased 14 percent. The stock has climbed 19 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on COP at https://www.zacks.com/ap/COP