ConocoPhillips (NYSE:COP) Expected to Earn Q2 2024 Earnings of $2.11 Per Share

ConocoPhillips (NYSE:COP) – Analysts at Zacks Research boosted their Q2 2024 earnings estimates for ConocoPhillips in a research report issued to clients and investors on Monday, April 22nd. Zacks Research analyst R. Department now expects that the energy producer will earn $2.11 per share for the quarter, up from their previous forecast of $2.10. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.47 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2025 earnings at $2.64 EPS.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The business had revenue of $15.31 billion for the quarter, compared to analyst estimates of $14.47 billion. During the same quarter in the prior year, the firm posted $2.71 EPS.

A number of other equities research analysts have also recently issued reports on the stock. Barclays began coverage on shares of ConocoPhillips in a report on Wednesday, April 10th. They set an “overweight” rating and a $158.00 price target for the company. Susquehanna raised their target price on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a report on Monday. Scotiabank upped their price target on ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. Morgan Stanley raised their price objective on shares of ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Truist Financial cut their target price on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.24.

ConocoPhillips Price Performance

NYSE COP opened at $129.83 on Tuesday. The company has a market cap of $152.73 billion, a P/E ratio of 14.33, a P/E/G ratio of 2.73 and a beta of 1.24. ConocoPhillips has a 1 year low of $95.70 and a 1 year high of $135.18. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $121.33 and a 200 day simple moving average of $117.41.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Orion Capital Management LLC bought a new stake in ConocoPhillips during the 3rd quarter worth about $27,000. West Branch Capital LLC grew its position in shares of ConocoPhillips by 87.8% during the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after buying an additional 108 shares during the period. Sachetta LLC bought a new stake in shares of ConocoPhillips during the fourth quarter worth approximately $27,000. Cooksen Wealth LLC acquired a new position in ConocoPhillips in the fourth quarter valued at approximately $27,000. Finally, Cape Investment Advisory Inc. boosted its stake in ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 121 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

Insider Transactions at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the sale, the chief executive officer now directly owns 6,780 shares in the company, valued at approximately $853,669.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Ryan Michael Lance sold 607,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the sale, the chief executive officer now directly owns 6,780 shares in the company, valued at $853,669.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Heather G. Hrap sold 4,548 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total transaction of $502,781.40. Following the completion of the sale, the senior vice president now owns 2,654 shares of the company’s stock, valued at approximately $293,399.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 700,775 shares of company stock valued at $87,615,169. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.40%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Thursday, February 15th. ConocoPhillips’s dividend payout ratio is currently 25.61%.

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.