FY2024 EPS Estimates for ConocoPhillips Raised by Analyst

ConocoPhillips (NYSE:COP) – Capital One Financial lifted their FY2024 earnings estimates for shares of ConocoPhillips in a research note issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now anticipates that the energy producer will post earnings of $7.54 per share for the year, up from their prior forecast of $7.50. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.77 per share.

A number of other equities analysts have also recently commented on COP. Barclays boosted their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Wells Fargo & Company increased their target price on ConocoPhillips from $131.00 to $134.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Truist Financial cut 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. Morgan Stanley began coverage on ConocoPhillips in a report on Monday, December 16th. They set an “overweight” rating and a $128.00 price objective on the stock. Finally, UBS Group reduced 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. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips has a consensus rating of “Buy” and a consensus target price of $136.71.

ConocoPhillips Stock Down 0.2 %

Shares of NYSE COP opened at $101.48 on Friday. The business has a 50-day moving average of $104.51 and a 200-day moving average of $107.88. The firm has a market capitalization of $116.79 billion, a price-to-earnings ratio of 12.07, a PEG 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 has a 12 month low of $94.23 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last posted its earnings results 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 return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same period in the previous year, the business earned $2.16 earnings per share. The firm’s revenue was down 8.5% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in COP. Excalibur Management Corp grew its stake in ConocoPhillips by 2.4% in the second quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock worth $462,000 after purchasing an additional 96 shares during the period. Cypress Capital Group grew its position in shares of ConocoPhillips by 0.5% in the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock worth $1,978,000 after buying an additional 96 shares during the period. Aprio Wealth Management LLC increased its stake in shares of ConocoPhillips by 4.8% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,125 shares of the energy producer’s stock worth $224,000 after acquiring an additional 97 shares in the last quarter. Greenwich Wealth Management LLC lifted its position in ConocoPhillips by 4.0% during the 2nd quarter. Greenwich Wealth Management LLC now owns 2,581 shares of the energy producer’s stock valued at $295,000 after acquiring an additional 99 shares during the period. Finally, MRP Capital Investments LLC boosted its stake in ConocoPhillips by 4.3% during the second quarter. MRP Capital Investments LLC now owns 2,430 shares of the energy producer’s stock worth $278,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insiders Place Their Bets

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

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were given a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 3.07%. ConocoPhillips’s dividend payout ratio is presently 37.10%.

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.