Q1 2024 EPS Estimates for ConocoPhillips Reduced by Analyst (NYSE:COP)

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research reduced their Q1 2024 earnings per share estimates for ConocoPhillips in a report released on Monday, April 22nd. Zacks Research analyst R. Department now anticipates that the energy producer will earn $1.95 per share for the quarter, down from their prior estimate of $2.01. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.47 per share. Zacks Research also issued estimates for ConocoPhillips’ Q3 2024 earnings at $2.17 EPS, Q4 2024 earnings at $2.35 EPS, FY2024 earnings at $8.59 EPS, Q1 2025 earnings at $2.38 EPS, Q2 2025 earnings at $2.56 EPS, FY2025 earnings at $10.34 EPS, Q1 2026 earnings at $2.38 EPS and FY2026 earnings at $10.31 EPS.

COP has been the subject of a number of other reports. Scotiabank lifted their price target on ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 11th. Truist Financial dropped their price target on ConocoPhillips from $173.00 to $170.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Mizuho restated a “neutral” rating and set a $139.00 price objective (up from $132.00) on shares of ConocoPhillips in a research note on Friday, March 22nd. Barclays assumed coverage on shares of ConocoPhillips in a report on Wednesday, April 10th. They set an “overweight” rating and a $158.00 target price on the stock. Finally, Susquehanna lifted their price target on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a report on Monday. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Price Performance

COP opened at $129.27 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43. ConocoPhillips has a 1-year low of $95.70 and a 1-year high of $135.18. The company has a 50-day moving average of $121.71 and a 200-day moving average of $117.49. The company has a market capitalization of $152.07 billion, a P/E ratio of 14.27, a PEG ratio of 2.73 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.32. The firm had revenue of $15.31 billion for the quarter, compared to analysts’ expectations 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 company posted $2.71 earnings per share.

ConocoPhillips Increases Dividend

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

Insiders Place Their Bets

In other news, CEO Ryan Michael Lance sold 607,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total value of $76,427,370.00. Following the completion of the sale, the chief executive officer now owns 6,780 shares in the company, valued at $853,669.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction that occurred on 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 approximately $853,669.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christopher P. Delk sold 8,505 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $112.06, for a total transaction of $953,070.30. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock worth $87,615,169 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its holdings in ConocoPhillips by 0.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock worth $3,211,901,000 after buying an additional 108,956 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of ConocoPhillips by 24.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,712,617 shares of the energy producer’s stock valued at $2,752,325,000 after acquiring an additional 4,726,952 shares during the period. Northern Trust Corp lifted its position in shares of ConocoPhillips by 3.2% in the 3rd quarter. Northern Trust Corp now owns 12,486,871 shares of the energy producer’s stock valued at $1,495,927,000 after acquiring an additional 386,276 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in ConocoPhillips by 10.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,028,061 shares of the energy producer’s stock worth $1,440,962,000 after purchasing an additional 1,152,907 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in ConocoPhillips by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock worth $1,394,162,000 after purchasing an additional 270,859 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

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.