In the latest trading session, ConocoPhillips (COP) closed at $56.33, marking a -0.95% move from the previous day. This change lagged the S&P 500's daily loss of 0.47%.Coming into today, shares of the energy company had lost 4.56% in the past month. In that same time, the Oils-Energy sector lost 8.12%, while the S&P 500 gained 3.38%.Investors will be hoping for strength from COP as it approaches its next earnings release, which is expected to be August 3, 2021. On that day, COP is projected to report earnings of $1.11 per share, which would represent year-over-year growth of 220.65%. Meanwhile, our latest consensus estimate is calling for revenue of $9.91 billion, up 146.64% from the prior-year quarter.COP's full-year Zacks Consensus Estimates are calling for earnings of $4.48 per share and revenue of $40.81 billion. These results would represent year-over-year changes of +561.86% and +111.91%, respectively.It is also important to note the recent changes to analyst estimates for COP. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 19.64% higher. COP currently has a Zacks Rank of #1 (Strong Buy).In terms of valuation, COP is currently trading at a Forward P/E ratio of 12.69. Its industry sports an average Forward P/E of 13.44, so we one might conclude that COP is trading at a discount comparatively.Investors should also note that COP has a PEG ratio of 1.76 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. COP's industry had an average PEG ratio of 1.76 as of yesterday's close.The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 19, putting it in the top 8% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow COP in the coming trading sessions, be sure to utilize Zacks.com. +1,500% Growth: One of 2021’s Most Exciting Investment Opportunities In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second. Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.Click here to download this report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report To read this article on Zacks.com click here.