ConocoPhillips (NYSE:COP) Issues Quarterly Earnings Results, Beats Expectations By $0.20 EPS

ConocoPhillips (NYSE:COP) released its quarterly earnings data on Thursday. The energy producer reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20, Zacks reports. The company had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.78 earnings per share.

ConocoPhillips Trading Up 1.3%

Shares of COP stock traded up $1.16 during trading on Friday, hitting $86.82. 7,567,386 shares of the stock traded hands, compared to its average volume of 7,704,949. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $115.38. The firm’s fifty day moving average price is $91.58 and its 200-day moving average price is $91.98. The firm has a market capitalization of $108.43 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.9%. The ex-dividend date is Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio (DPR) is presently 41.88%.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of analyst reports. Piper Sandler dropped their target price on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, October 13th. Mizuho dropped their price objective on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. JPMorgan Chase & Co. cut their price objective on ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating for the company in a research report on Friday. Scotiabank increased their target price on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, July 11th. Finally, Weiss Ratings cut shares of ConocoPhillips from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 24th. Eighteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $114.54.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. raised its holdings in shares of ConocoPhillips by 3.3% in the 2nd quarter. Alliancebernstein L.P. now owns 1,978,987 shares of the energy producer’s stock valued at $177,594,000 after buying an additional 62,916 shares during the period. Canada Pension Plan Investment Board grew its position in ConocoPhillips by 23.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,452,061 shares of the energy producer’s stock valued at $130,308,000 after acquiring an additional 274,960 shares in the last quarter. Sei Investments Co. increased its stake in ConocoPhillips by 6.1% during the second quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock worth $70,397,000 after purchasing an additional 44,852 shares during the period. Man Group plc increased its stake in ConocoPhillips by 18.0% during the second quarter. Man Group plc now owns 697,284 shares of the energy producer’s stock worth $62,574,000 after purchasing an additional 106,363 shares during the period. Finally, Corient Private Wealth LLC lifted its holdings in ConocoPhillips by 2.0% during the 2nd quarter. Corient Private Wealth LLC now owns 590,884 shares of the energy producer’s stock worth $53,140,000 after buying an additional 11,629 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

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.