FY2024 EPS Estimates for ConocoPhillips Cut by Scotiabank

ConocoPhillips (NYSE:COP) – Equities research analysts at Scotiabank lowered their FY2024 earnings estimates for ConocoPhillips in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the energy producer will earn $7.65 per share for the year, down from their prior forecast of $8.55. Scotiabank has a “Sector Perform” rating and a $115.00 price objective on the stock. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.77 per share. Scotiabank also issued estimates for ConocoPhillips’ FY2025 earnings at $6.60 EPS.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm 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%. The company’s revenue was down 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.16 EPS.

Several other analysts have also issued reports on COP. UBS Group decreased their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. BMO Capital Markets boosted their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $132.00 to $134.00 in a research report on Monday, December 16th. Susquehanna boosted their price objective on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research report on Friday, November 1st. Finally, Evercore ISI restated an “outperform” rating and issued a $165.00 target price on shares of ConocoPhillips in a research note on Friday, December 6th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Buy” and an average price target of $136.76.

ConocoPhillips Trading Up 2.3 %

Shares of COP stock opened at $104.29 on Monday. ConocoPhillips has a 1 year low of $94.23 and a 1 year high of $135.18. The firm’s fifty day simple moving average is $104.30 and its 200 day simple moving average is $107.63. The firm has a market capitalization of $120.03 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.83 and a beta of 1.19. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were issued a dividend of $0.78 per share. The ex-dividend date was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 2.99%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is currently 37.10%.

Insider Buying and Selling at ConocoPhillips

In other news, Director R A. Walker acquired 10,400 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arjun N. Murti purchased 2,500 shares of the stock in a transaction dated Friday, December 20th. The shares were acquired at an average price of $95.87 per share, with a total value of $239,675.00. Following the transaction, the director now owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its stake in ConocoPhillips by 1.0% during the 2nd quarter. Parallel Advisors LLC now owns 27,170 shares of the energy producer’s stock worth $3,108,000 after acquiring an additional 271 shares during the last quarter. Thoroughbred Financial Services LLC boosted its position in shares of ConocoPhillips by 34.1% during the second quarter. Thoroughbred Financial Services LLC now owns 8,373 shares of the energy producer’s stock worth $957,000 after purchasing an additional 2,130 shares in the last quarter. Wealthspire Advisors LLC grew its holdings in shares of ConocoPhillips by 8.5% in the 2nd quarter. Wealthspire Advisors LLC now owns 8,145 shares of the energy producer’s stock valued at $932,000 after buying an additional 641 shares during the period. Envestnet Asset Management Inc. increased its position in shares of ConocoPhillips by 6.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,883,417 shares of the energy producer’s stock valued at $329,805,000 after buying an additional 178,129 shares in the last quarter. Finally, Prosperity Consulting Group LLC raised its stake in ConocoPhillips by 2.6% during the 2nd quarter. Prosperity Consulting Group LLC now owns 6,774 shares of the energy producer’s stock worth $775,000 after buying an additional 171 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

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.