Brokers Set Expectations for ConocoPhillips’ Q3 2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research increased their Q3 2024 earnings estimates for shares of ConocoPhillips in a research report issued on Wednesday, June 19th. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings of $2.24 per share for the quarter, up from their prior forecast of $2.23. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.91 per share. Zacks Research also issued estimates for ConocoPhillips’ FY2024 earnings at $8.87 EPS.

Several other research firms have also recently issued reports on COP. Scotiabank upped their price target on shares of ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Wells Fargo & Company increased their price target on shares of ConocoPhillips from $149.00 to $151.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Piper Sandler upped their price objective on ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Raymond James reiterated a “strong-buy” rating and issued a $159.00 target price (up previously from $155.00) on shares of ConocoPhillips in a research report on Thursday, May 30th. Finally, Susquehanna upped their price target on ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.18.

ConocoPhillips Stock Performance

Shares of COP opened at $111.32 on Friday. ConocoPhillips has a 52-week low of $99.35 and a 52-week high of $135.18. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.35. The firm has a market cap of $130.19 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.95 and a beta of 1.22. The business’s 50 day moving average is $120.16 and its two-hundred day moving average is $117.46.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, topping the consensus estimate of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The business had revenue of $14.48 billion for the quarter, compared to analysts’ expectations of $14.72 billion.

Institutional Trading of ConocoPhillips

Large investors have recently added to or reduced their stakes in the business. Orion Capital Management LLC bought a new stake in shares of ConocoPhillips during the 3rd quarter worth $27,000. West Branch Capital LLC boosted its position in shares of ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 108 shares during the period. Sachetta LLC purchased a new position in ConocoPhillips in the 4th quarter worth about $27,000. Cooksen Wealth LLC purchased a new stake in ConocoPhillips during the fourth quarter valued at about $27,000. Finally, Cape Investment Advisory Inc. boosted its holdings in shares of ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after buying an additional 121 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the company’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 value of $1,536,246.00. Following the completion of the sale, the executive vice president now directly owns 14,522 shares in the company, valued at $1,836,161.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Nicholas G. Olds sold 12,150 shares of ConocoPhillips 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 completion of the transaction, the executive vice president now directly owns 14,522 shares in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.80%. The ex-dividend date was Friday, May 10th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

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.