Analysts Set Expectations for ConocoPhillips FY2024 Earnings

ConocoPhillips (NYSE:COP) – Analysts at Capital One Financial boosted their FY2024 EPS estimates for shares of ConocoPhillips in a research report issued to clients and investors on Tuesday, January 14th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will post earnings of $7.62 per share for the year, up from their previous forecast of $7.54. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.70 per share. Capital One Financial also issued estimates for ConocoPhillips’ Q4 2024 earnings at $1.80 EPS and Q1 2025 earnings at $1.77 EPS.

COP has been the topic of several other reports. Morgan Stanley started coverage on shares of ConocoPhillips in a research report on Monday, December 16th. They issued an “overweight” rating and a $128.00 price objective on the stock. Evercore ISI reissued an “outperform” rating and issued a $165.00 target price on shares of ConocoPhillips in a research note on Friday, December 6th. Piper Sandler cut their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $132.00 to $134.00 in a research note on Monday, December 16th. Finally, Scotiabank cut their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $136.65.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $105.62 on Wednesday. ConocoPhillips has a 52 week low of $94.23 and a 52 week high of $135.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The firm’s 50-day simple moving average is $104.05 and its 200 day simple moving average is $107.54. The firm has a market capitalization of $121.56 billion, a PE ratio of 12.56, a P/E/G ratio of 0.81 and a beta of 1.19.

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

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders 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 dividend yield of 2.95%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is presently 37.10%.

Insider Transactions at ConocoPhillips

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

Hedge Funds Weigh In On ConocoPhillips

A number of institutional investors and hedge funds have recently bought and sold shares of COP. Values First Advisors Inc. purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $26,000. Reston Wealth Management LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $31,000. Truvestments Capital LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $31,000. Global Wealth Strategies & Associates boosted its holdings in ConocoPhillips by 80.5% in the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after acquiring an additional 153 shares during the period. Finally, RPg Family Wealth Advisory LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

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.