ConocoPhillips to Post Q2 2024 Earnings of $2.11 Per Share, Zacks Research Forecasts (NYSE:COP)

ConocoPhillips (NYSE:COP) – Stock analysts at Zacks Research upped their Q2 2024 earnings estimates for shares of ConocoPhillips in a research note issued to investors on Monday, April 22nd. Zacks Research analyst R. Department now expects that the energy producer will post earnings per share of $2.11 for the quarter, up from their prior estimate 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.

Several other equities analysts have also issued reports on COP. Morgan Stanley lifted their target price on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Raymond James reduced their price objective on shares of ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Truist Financial cut their price target on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Piper Sandler raised their price objective on ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Finally, Susquehanna upped their target price on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

ConocoPhillips Trading Down 0.0 %

Shares of NYSE:COP opened at $129.33 on Tuesday. The company has a market capitalization of $152.15 billion, a PE ratio of 14.27, a P/E/G ratio of 2.73 and a beta of 1.24. 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 has a 12-month low of $95.70 and a 12-month high of $135.18. The business’s fifty day simple moving average is $120.93 and its 200-day simple moving average is $117.31.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.32. The company 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 last year, the company posted $2.71 earnings per share.

Institutional Trading of ConocoPhillips

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC lifted its holdings in shares of ConocoPhillips by 4.1% in the 3rd quarter. Global Retirement Partners LLC now owns 5,654 shares of the energy producer’s stock worth $641,000 after acquiring an additional 225 shares during the last quarter. RFG Advisory LLC grew its stake in shares of ConocoPhillips by 14.4% in the third quarter. RFG Advisory LLC now owns 5,077 shares of the energy producer’s stock valued at $608,000 after buying an additional 640 shares in the last quarter. Douglas Lane & Associates LLC raised its holdings in shares of ConocoPhillips by 6.7% in the 3rd quarter. Douglas Lane & Associates LLC now owns 3,616 shares of the energy producer’s stock valued at $433,000 after buying an additional 227 shares during the period. Park Place Capital Corp lifted its stake in ConocoPhillips by 12.9% during the 3rd quarter. Park Place Capital Corp now owns 4,377 shares of the energy producer’s stock worth $524,000 after acquiring an additional 499 shares in the last quarter. Finally, Eastern Bank boosted its holdings in ConocoPhillips by 0.6% during the 3rd quarter. Eastern Bank now owns 165,048 shares of the energy producer’s stock valued at $19,773,000 after acquiring an additional 1,041 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ConocoPhillips 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 of the company’s stock, valued at approximately $853,669.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ConocoPhillips news, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total value of $76,427,370.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas G. Olds sold 12,150 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the sale, the executive vice president now owns 14,522 shares of the company’s stock, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 700,775 shares of company stock worth $87,615,169. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Monday, February 19th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 25.61%.

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.