Research Analysts Offer Predictions for ConocoPhillips’ Q3 2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COP) – Zacks Research raised their Q3 2024 earnings estimates for shares of ConocoPhillips in a report issued on Friday, July 12th. Zacks Research analyst R. Department now anticipates that the energy producer will earn $2.26 per share for the quarter, up from their prior forecast of $2.24. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.90 per share. Zacks Research also issued estimates for ConocoPhillips’ FY2024 earnings at $8.90 EPS, Q3 2025 earnings at $2.50 EPS and Q4 2025 earnings at $2.46 EPS.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, beating the consensus estimate of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The business had revenue of $14.48 billion for the quarter, compared to analysts’ expectations of $14.72 billion.

Several other brokerages have also recently weighed in on COP. StockNews.com cut ConocoPhillips from a “buy” rating to a “hold” rating in a report on Monday, July 8th. Piper Sandler increased their price target on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Royal Bank of Canada boosted their price objective on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. Morgan Stanley increased their target price on shares of ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Raymond James reissued a “strong-buy” rating and issued a $159.00 price target (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $145.07.

ConocoPhillips Stock Down 0.7 %

Shares of COP opened at $113.14 on Monday. The business’s fifty day moving average price is $115.50 and its two-hundred day moving average price is $117.38. The firm has a market capitalization of $132.32 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.02 and a beta of 1.23. ConocoPhillips has a 52 week low of $105.77 and a 52 week high of $135.18. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds have recently bought and sold shares of the business. West Branch Capital LLC lifted its position in ConocoPhillips by 87.8% during the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after purchasing an additional 108 shares during the period. Sachetta LLC acquired a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $27,000. Cooksen Wealth LLC bought a new position in ConocoPhillips in the fourth quarter valued at approximately $27,000. Cape Investment Advisory Inc. raised its position in ConocoPhillips by 96.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares in the last quarter. Finally, Richardson Capital Management LLC bought a new stake in ConocoPhillips during the first quarter worth $31,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were paid a $0.78 dividend. The ex-dividend date was Friday, May 10th. This represents a $3.12 annualized dividend and a yield of 2.76%. ConocoPhillips’s dividend payout ratio (DPR) is presently 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.