Q3 2024 Earnings Estimate for ConocoPhillips (NYSE:COP) Issued By Capital One Financial

ConocoPhillips (NYSE:COP) – Analysts at Capital One Financial dropped their Q3 2024 EPS estimates for ConocoPhillips in a report issued on Thursday, October 10th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will post earnings per share of $1.65 for the quarter, down from their prior estimate of $1.79. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.02 per share. Capital One Financial also issued estimates for ConocoPhillips’ FY2024 earnings at $7.45 EPS, FY2025 earnings at $6.27 EPS and FY2026 earnings at $6.91 EPS.

COP has been the topic of a number of other reports. Mizuho reduced their price objective on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. UBS Group decreased their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday. Wells Fargo & Company reduced their target price on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Scotiabank reduced their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.12.

ConocoPhillips Stock Performance

NYSE:COP opened at $110.49 on Monday. The company’s 50-day moving average is $109.06 and its two-hundred day moving average is $115.47. The firm has a market capitalization of $128.31 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 0.88 and a beta of 1.21. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. The firm had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.84 earnings per share.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EP Wealth Advisors LLC grew its holdings in ConocoPhillips by 2.6% during the fourth quarter. EP Wealth Advisors LLC now owns 24,023 shares of the energy producer’s stock worth $2,788,000 after buying an additional 608 shares in the last quarter. Scarborough Advisors LLC grew its holdings in ConocoPhillips by 5.5% during the fourth quarter. Scarborough Advisors LLC now owns 3,015 shares of the energy producer’s stock worth $350,000 after buying an additional 156 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in ConocoPhillips during the fourth quarter worth $78,000. Northwest Bank & Trust Co bought a new stake in ConocoPhillips during the fourth quarter worth $32,000. Finally, Twin Focus Capital Partners LLC bought a new stake in ConocoPhillips during the fourth quarter worth $235,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.10%. ConocoPhillips’s dividend payout ratio is currently 25.86%.

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.