Zacks Research Weighs in on ConocoPhillips’ Q3 2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COP) – Stock analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for ConocoPhillips in a report issued on Wednesday, June 19th. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings of $2.24 per share for the quarter, up from their prior forecast of $2.23. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.91 per share. Zacks Research also issued estimates for ConocoPhillips’ FY2024 earnings at $8.87 EPS.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.04. The firm had revenue of $14.48 billion during the quarter, compared to analyst estimates of $14.72 billion. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%.

COP has been the topic of a number of other reports. Mizuho lowered their target price on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 5th. Morgan Stanley raised 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. StockNews.com raised ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Wednesday, June 12th. Scotiabank raised their target price on ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Finally, Susquehanna lifted their price target on ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $144.18.

ConocoPhillips Stock Performance

NYSE:COP opened at $111.33 on Friday. The company’s 50 day moving average is $119.76 and its 200-day moving average is $117.44. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12 month low of $99.35 and a 12 month high of $135.18. The firm has a market cap of $130.20 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 1.95 and a beta of 1.22.

Hedge Funds Weigh In On ConocoPhillips

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of ConocoPhillips by 35.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after acquiring an additional 8,479,963 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in ConocoPhillips by 0.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 27,672,104 shares of the energy producer’s stock valued at $3,211,901,000 after purchasing an additional 108,956 shares during the last quarter. Capital International Investors boosted its stake in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after purchasing an additional 1,856,085 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of ConocoPhillips by 5.8% during the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after purchasing an additional 826,529 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of ConocoPhillips by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 12,011,035 shares of the energy producer’s stock valued at $1,394,162,000 after buying an additional 270,859 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at approximately $853,669.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Nicholas G. Olds sold 12,150 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the sale, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the sale, the chief executive officer now owns 6,780 shares of the company’s stock, valued at approximately $853,669.80. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Friday, May 10th. ConocoPhillips’s dividend payout ratio is 26.27%.

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.