FY2024 EPS Estimate for ConocoPhillips Decreased by Analyst

ConocoPhillips (NYSE:COP) – Equities researchers at Zacks Research lowered their FY2024 earnings estimates for shares of ConocoPhillips in a research note issued to investors on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings per share of $7.66 for the year, down from their previous forecast of $7.81. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.78 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $1.87 EPS, Q2 2025 earnings at $1.85 EPS, Q4 2025 earnings at $1.87 EPS, Q1 2026 earnings at $1.82 EPS and Q3 2026 earnings at $1.93 EPS.

A number of other research firms also recently issued reports on COP. Mizuho raised their price objective on shares of ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Barclays lifted their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Truist Financial reduced their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. UBS Group lowered their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Susquehanna increased their price target on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Trading Down 5.1 %

NYSE COP opened at $106.03 on Monday. The business’s fifty day moving average is $108.92 and its 200-day moving average is $111.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock has a market capitalization of $122.03 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.91 and a beta of 1.21. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period last year, the company posted $2.16 earnings per share.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 2.94%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently made changes to their positions in the business. Manning & Napier Advisors LLC bought a new position in shares of ConocoPhillips in the second quarter worth approximately $30,021,000. Alpha DNA Investment Management LLC increased its holdings in shares of ConocoPhillips by 83.8% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock worth $1,879,000 after buying an additional 7,490 shares during the last quarter. Prospera Financial Services Inc raised its position in shares of ConocoPhillips by 23.6% during the 3rd quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock valued at $7,488,000 after buying an additional 13,595 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of ConocoPhillips by 5,422.3% during the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after buying an additional 4,504,653 shares in the last quarter. Finally, TCW Group Inc. grew its position in ConocoPhillips by 37.8% in the second quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after acquiring an additional 8,231 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

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.