Brokers Issue Forecasts for ConocoPhillips FY2024 Earnings

ConocoPhillips (NYSE:COP) – Scotiabank decreased their FY2024 earnings per share (EPS) estimates for shares of ConocoPhillips in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the energy producer will post earnings per share of $7.65 for the year, down from their previous forecast of $8.55. Scotiabank has a “Sector Perform” rating and a $115.00 price objective on the stock. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.77 per share. Scotiabank also issued estimates for ConocoPhillips’ FY2025 earnings at $6.60 EPS.

Other equities analysts have also issued research reports about the stock. UBS Group decreased their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Piper Sandler decreased their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company upped their target price on ConocoPhillips from $131.00 to $134.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Finally, Mizuho upgraded shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $132.00 to $134.00 in a report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Buy” and a consensus price target of $136.71.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $101.93 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $104.39 and its two-hundred day simple moving average is $107.70. The firm has a market capitalization of $117.31 billion, a P/E ratio of 12.12, a P/E/G ratio of 0.83 and a beta of 1.19. ConocoPhillips has a twelve month low of $94.23 and a twelve month high of $135.18.

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

Institutional Trading of ConocoPhillips

A number of hedge funds and other institutional investors have recently modified their holdings of COP. Values First Advisors Inc. bought a new position in shares of ConocoPhillips during the third quarter valued at approximately $26,000. Reston Wealth Management LLC purchased a new position in ConocoPhillips during the third quarter valued at $31,000. Truvestments Capital LLC bought a new stake in ConocoPhillips in the third quarter worth $31,000. Global Wealth Strategies & Associates grew its stake in shares of ConocoPhillips by 80.5% in the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after acquiring an additional 153 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new position in shares of ConocoPhillips during the third quarter valued at $35,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ConocoPhillips

In other news, Director Arjun N. Murti acquired 2,500 shares of the business’s stock in a transaction on Friday, December 20th. The shares were acquired at an average cost of $95.87 per share, with a total value of $239,675.00. Following the transaction, the director now owns 21,500 shares in the company, valued at $2,061,205. The trade was a 13.16 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R A. Walker bought 10,400 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the transaction, the director now directly owns 38,000 shares in the company, valued at approximately $3,716,400. This represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were given a $0.78 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend was Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is currently 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.