FY2024 EPS Estimates for ConocoPhillips Lifted by Analyst

ConocoPhillips (NYSE:COP - Free Report) - Capital One Financial raised their FY2024 EPS estimates for shares of ConocoPhillips in a note issued to investors on Monday, November 4th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will post earnings per share of $7.50 for the year, up from their previous forecast of $7.45. The consensus estimate for ConocoPhillips' current full-year earnings is $7.79 per share. Capital One Financial also issued estimates for ConocoPhillips' Q4 2024 earnings at $1.68 EPS.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion for the quarter, compared to analysts' expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.16 earnings per share.

A number of other research firms have also commented on COP. UBS Group cut their price objective on ConocoPhillips from $153.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. StockNews.com lowered shares of ConocoPhillips from a "buy" rating to a "hold" rating in a research note on Wednesday, July 17th. Sanford C. Bernstein lowered their target price on shares of ConocoPhillips from $147.00 to $132.00 and set an "outperform" rating for the company in a research note on Wednesday, July 17th. Wells Fargo & Company reaffirmed a "sector perform" rating on shares of ConocoPhillips in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $126.00 price target (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $137.47.

ConocoPhillips Trading Up 4.0 %

COP traded up $4.39 during midday trading on Wednesday, hitting $113.60. 7,733,117 shares of the company were exchanged, compared to its average volume of 5,914,911. The firm has a market capitalization of $130.74 billion, a P/E ratio of 13.51, a P/E/G ratio of 0.89 and a beta of 1.21. The firm's 50 day moving average price is $107.81 and its 200-day moving average price is $112.53. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.75%. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. ConocoPhillips's dividend payout ratio (DPR) is 27.59%.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the firm's stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company's stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently bought and sold shares of the stock. Manning & Napier Advisors LLC bought a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $30,021,000. EP Wealth Advisors LLC lifted its holdings in ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer's stock worth $3,640,000 after acquiring an additional 4,578 shares during the period. Alpha DNA Investment Management LLC boosted its position in ConocoPhillips by 83.8% in the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer's stock worth $1,879,000 after purchasing an additional 7,490 shares during the last quarter. TCW Group Inc. grew its stake in ConocoPhillips by 37.8% in the 2nd quarter. TCW Group Inc. now owns 30,026 shares of the energy producer's stock valued at $3,434,000 after purchasing an additional 8,231 shares during the period. Finally, Doheny Asset Management CA bought a new position in ConocoPhillips in the 2nd quarter valued at $815,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.