ConocoPhillips (NYSE:COP) Forecasted to Earn Q2 2024 Earnings of $2.11 Per Share

ConocoPhillips (NYSE:COP) – Equities researchers at Zacks Research lifted their Q2 2024 earnings per share estimates for shares of ConocoPhillips in a report issued on Monday, April 22nd. Zacks Research analyst R. Department now expects that the energy producer will earn $2.11 per share for the quarter, up from their prior estimate of $2.10. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.47 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2025 earnings at $2.64 EPS.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. The firm had revenue of $15.31 billion for the quarter, compared to the consensus estimate of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same period in the prior year, the firm posted $2.71 earnings per share.

Several other research analysts have also recently weighed in on the stock. Truist Financial decreased their price target on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Piper Sandler upped their target price on ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Morgan Stanley lifted their price target on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Susquehanna upped their price objective on shares of ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a research report on Monday. Finally, UBS Group lifted their target price on shares of ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Stock Performance

NYSE COP opened at $129.33 on Tuesday. The company’s 50 day simple moving average is $120.93 and its two-hundred day simple moving average is $117.31. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. ConocoPhillips has a 1 year low of $95.70 and a 1 year high of $135.18. The stock has a market capitalization of $152.15 billion, a PE ratio of 14.27, a P/E/G ratio of 2.73 and a beta of 1.24.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were issued a $0.78 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $3.12 annualized dividend and a dividend yield of 2.41%. ConocoPhillips’s dividend payout ratio (DPR) is currently 25.61%.

Insider Buying and Selling

In other ConocoPhillips news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total transaction of $502,781.40. Following the completion of the sale, the senior vice president now owns 2,654 shares of the company’s stock, valued at approximately $293,399.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Christopher P. Delk sold 8,505 shares of ConocoPhillips stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Heather G. Hrap sold 4,548 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the sale, the senior vice president now directly owns 2,654 shares in the company, valued at $293,399.70. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock valued at $87,615,169 over the last three months. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Orion Capital Management LLC purchased a new position in ConocoPhillips during the third quarter valued at $27,000. West Branch Capital LLC boosted its stake in ConocoPhillips by 87.8% during the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Cooksen Wealth LLC purchased a new stake in ConocoPhillips in the fourth quarter worth about $27,000. Sachetta LLC bought a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $27,000. Finally, Richardson Capital Management LLC bought a new position in shares of ConocoPhillips during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

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.