ConocoPhillips to Post Q3 2024 Earnings of $2.17 Per Share, Zacks Research Forecasts (NYSE:COP)

ConocoPhillips (NYSE:COP) – Equities research analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for ConocoPhillips in a research note issued to investors on Wednesday, September 25th. Zacks Research analyst R. Department now anticipates that the energy producer will earn $2.17 per share for the quarter, down from their prior forecast of $2.21. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.14 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.21 EPS, FY2024 earnings at $8.39 EPS, Q1 2025 earnings at $2.42 EPS, Q2 2025 earnings at $2.44 EPS, FY2025 earnings at $9.86 EPS, Q1 2026 earnings at $2.40 EPS, Q2 2026 earnings at $2.54 EPS and FY2026 earnings at $9.98 EPS.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. During the same period in the prior year, the business earned $1.84 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis.

Several other research analysts have also weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday. Wolfe Research assumed coverage on shares of ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target on the stock. Mizuho cut their price objective on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Truist Financial cut their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $141.24.

ConocoPhillips Price Performance

Shares of COP opened at $104.71 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The company has a market capitalization of $121.59 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 0.86 and a beta of 1.22. The business’s 50-day moving average is $109.04 and its 200-day moving average is $116.38. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COP. Cooksen Wealth LLC bought a new stake in shares of ConocoPhillips in the fourth quarter valued at about $27,000. Stephens Consulting LLC lifted its position in shares of ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after acquiring an additional 104 shares during the period. Richardson Capital Management LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter worth approximately $31,000. Northwest Bank & Trust Co bought a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $32,000. Finally, Ruedi Wealth Management Inc. raised its stake in shares of ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 150 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

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.