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.


This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on COP at