FY2024 EPS Estimates for ConocoPhillips Decreased by Analyst

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research lowered their FY2024 EPS estimates for ConocoPhillips in a research note issued on Thursday, November 21st. Zacks Research analyst R. Department now forecasts that the energy producer will earn $7.66 per share for the year, down from their previous forecast of $7.81. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.80 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $1.87 EPS, Q2 2025 earnings at $1.85 EPS, Q4 2025 earnings at $1.87 EPS, Q1 2026 earnings at $1.82 EPS and Q3 2026 earnings at $1.93 EPS.

COP has been the topic of several other research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 target price (down previously from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Mizuho raised their price target on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, November 1st. BMO Capital Markets raised their target price on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Truist Financial reduced their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $111.75 on Monday. The firm has a market capitalization of $128.61 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.91 and a beta of 1.21. The stock has a fifty day moving average price of $108.91 and a two-hundred day moving average price of $111.23. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.16 EPS.

Hedge Funds Weigh In On ConocoPhillips

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Manning & Napier Advisors LLC acquired a new position in shares of ConocoPhillips in the 2nd quarter valued at $30,021,000. Alpha DNA Investment Management LLC lifted its holdings in ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock worth $1,879,000 after acquiring an additional 7,490 shares in the last quarter. Prospera Financial Services Inc grew its stake in ConocoPhillips by 23.6% in the third quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock valued at $7,488,000 after acquiring an additional 13,595 shares during the period. Pacer Advisors Inc. increased its holdings in shares of ConocoPhillips by 5,422.3% in the third quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock worth $482,996,000 after acquiring an additional 4,504,653 shares in the last quarter. Finally, TCW Group Inc. raised its position in shares of ConocoPhillips by 37.8% during the second quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after purchasing an additional 8,231 shares during the period. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a $0.78 dividend. The ex-dividend date is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.79%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is 37.10%.

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.