ConocoPhillips (NYSE:COP) Expected to Earn Q1 2024 Earnings of $1.95 Per Share

ConocoPhillips (NYSE:COP) – Equities research analysts at Zacks Research reduced their Q1 2024 EPS estimates for ConocoPhillips in a research note issued to investors on Monday, April 22nd. Zacks Research analyst R. Department now forecasts that the energy producer will post earnings of $1.95 per share for the quarter, down from their prior estimate of $2.01. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.57 per share. Zacks Research also issued estimates for ConocoPhillips’ Q3 2024 earnings at $2.17 EPS, Q4 2024 earnings at $2.35 EPS, FY2024 earnings at $8.59 EPS, Q1 2025 earnings at $2.38 EPS, Q2 2025 earnings at $2.56 EPS, FY2025 earnings at $10.34 EPS, Q1 2026 earnings at $2.38 EPS and FY2026 earnings at $10.31 EPS.

A number of other research firms have also weighed in on COP. Piper Sandler boosted their price target on shares of ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Susquehanna boosted their target price on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a report on Monday. Raymond James decreased their target price on shares of ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Barclays started coverage on shares of ConocoPhillips in a report on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 target price on the stock. Finally, Wells Fargo & Company boosted their target price on shares of ConocoPhillips from $141.00 to $149.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.24.

ConocoPhillips Stock Performance

COP opened at $130.07 on Wednesday. The firm has a market capitalization of $153.02 billion, a PE ratio of 14.36, a PEG ratio of 2.71 and a beta of 1.24. ConocoPhillips has a twelve month low of $95.70 and a twelve month high of $135.18. The firm’s 50-day moving average price is $122.10 and its 200 day moving average price is $117.58. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36.

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

ConocoPhillips Increases Dividend

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

Insider Buying and Selling

In related news, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ryan Michael Lance sold 607,000 shares of the company’s 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 $853,669.80. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock valued at $87,615,169 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

Large investors have recently modified their holdings of the company. Capital Investment Counsel Inc purchased a new stake in shares of ConocoPhillips in the 3rd quarter valued at approximately $228,000. Columbia Trust Co 01012016 increased its position in shares of ConocoPhillips by 1.2% in the 4th quarter. Columbia Trust Co 01012016 now owns 9,463 shares of the energy producer’s stock valued at $1,098,000 after purchasing an additional 112 shares during the last quarter. Raymond James & Associates increased its position in shares of ConocoPhillips by 1.5% in the 4th quarter. Raymond James & Associates now owns 1,563,044 shares of the energy producer’s stock valued at $181,422,000 after purchasing an additional 23,572 shares during the last quarter. Syon Capital LLC purchased a new stake in shares of ConocoPhillips in the 3rd quarter valued at approximately $2,262,000. Finally, PFG Investments LLC purchased a new stake in shares of ConocoPhillips in the 3rd quarter valued at approximately $233,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

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.