Zacks Research Analysts Cut Earnings Estimates for ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research lowered their Q3 2024 EPS estimates for ConocoPhillips in a research note issued on Wednesday, September 25th. Zacks Research analyst R. Department now forecasts that the energy producer will post earnings per share of $2.17 for the quarter, down from their prior forecast of $2.21. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.14 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.21 EPS, FY2024 earnings at $8.39 EPS, Q1 2025 earnings at $2.42 EPS, Q2 2025 earnings at $2.44 EPS, FY2025 earnings at $9.86 EPS, Q1 2026 earnings at $2.40 EPS, Q2 2026 earnings at $2.54 EPS and FY2026 earnings at $9.98 EPS.

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

A number of other research firms have also recently commented on COP. Mizuho reduced their price target on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. Wells Fargo & Company reduced their price target on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating for the company in a report on Friday. Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Finally, Bank of America restated a “buy” rating and issued a $147.00 price target on shares of ConocoPhillips in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $141.24.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $104.72 on Friday. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The firm has a fifty day simple moving average of $108.85 and a 200 day simple moving average of $116.32. The company has a market capitalization of $121.61 billion, a PE ratio of 11.86, a P/E/G ratio of 0.85 and a beta of 1.22. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.22%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio is 26.27%.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Trading of ConocoPhillips

Several hedge funds and other institutional investors have recently modified their holdings of COP. Price T Rowe Associates Inc. MD raised its position in shares of ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after purchasing an additional 8,479,963 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of ConocoPhillips by 512.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock valued at $433,757,000 after purchasing an additional 3,127,165 shares during the period. Capital International Investors grew its stake in ConocoPhillips by 9.6% during the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after acquiring an additional 1,856,085 shares in the last quarter. Clearbridge Investments LLC grew its stake in ConocoPhillips by 46.0% during the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after acquiring an additional 1,015,158 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in ConocoPhillips by 34.7% during the first quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock valued at $351,602,000 after acquiring an additional 712,062 shares in the last quarter. 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.