Earnings on Tap: ConocoPhillips, Boeing

 ConocoPhillips (COP) is slated to post quarterly earnings before the bell Wednesday. Analysts, on average, expect the Houston-based oil major to declare earnings of $2.21 per share, compared with $2.77 in the year-ago quarter.

Analysts will most likely be focusing on the recently announced decision to split the company into two--constituting upstream exploration-and-production assets and downstream refining assets--in a bid to unlock shareholder value. Morningstar analyst Allen Good, however, feels  the spin-off might not be without its share of hiccups. ConocoPhillips shares are undervalued, according to Good.

Investors might also want to know more about the company's succession plan for the two new firms as incumbent CEO Jim Mulva is set to retire.

Also reporting results Wednesday morning is aircraft manufacturer and defense contractor  Boeing (BA). A consensus of Wall Street analysts forecasts the company to clock earnings per share of $0.97, as opposed to $1.06 in the same quarter last year.

Company-watchers will likely look at progress on the 787 Dreamliner, amid recent reports of a slowdown in production. Also discussed might be the firm's decision to re-engineer the 737 instead of reworking on the model from scratch.

Compared with Morningstar's fair value estimate, the stock is trading cheaply.