Brokers Set Expectations for ConocoPhillips’ Q2 2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COP) – Analysts at Zacks Research cut their Q2 2024 earnings per share (EPS) estimates for shares of ConocoPhillips in a research note issued on Wednesday, June 19th. Zacks Research analyst R. Department now expects that the energy producer will post earnings per share of $2.28 for the quarter, down from their previous forecast of $2.30. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.91 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.33 EPS, Q1 2025 earnings at $2.73 EPS, Q2 2025 earnings at $2.62 EPS, Q3 2025 earnings at $2.57 EPS, Q4 2025 earnings at $2.50 EPS, FY2025 earnings at $10.41 EPS, Q1 2026 earnings at $2.67 EPS and FY2026 earnings at $10.99 EPS.

Other equities research analysts have also issued reports about the company. StockNews.com raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Wednesday, June 12th. Mizuho decreased their target price on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research report on Wednesday, June 5th. Royal Bank of Canada lifted their price target on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Finally, Bank of America reiterated a “buy” rating and issued a $147.00 price target on shares of ConocoPhillips in a report on Friday, June 14th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.18.

ConocoPhillips Price Performance

NYSE:COP opened at $111.34 on Monday. The firm has a market capitalization of $130.22 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.98 and a beta of 1.22. ConocoPhillips has a 1 year low of $99.35 and a 1 year high of $135.18. The business has a 50 day simple moving average of $119.76 and a 200-day simple moving average of $117.52. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.35 and a quick ratio of 1.21.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.04. The business 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%.

Hedge Funds Weigh In On ConocoPhillips

Several institutional investors and hedge funds have recently modified their holdings of the stock. Abich Financial Wealth Management LLC raised its holdings in ConocoPhillips by 54.1% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,433 shares of the energy producer’s stock worth $182,000 after purchasing an additional 503 shares during the period. Cape Investment Advisory Inc. raised its holdings in ConocoPhillips by 505.7% in the 1st quarter. Cape Investment Advisory Inc. now owns 1,496 shares of the energy producer’s stock worth $190,000 after purchasing an additional 1,249 shares during the period. Keynote Financial Services LLC acquired a new position in ConocoPhillips in the 1st quarter worth about $374,000. IMS Capital Management raised its holdings in ConocoPhillips by 21.3% in the 1st quarter. IMS Capital Management now owns 2,566 shares of the energy producer’s stock worth $327,000 after purchasing an additional 450 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in ConocoPhillips by 36.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 58,204 shares of the energy producer’s stock worth $7,312,000 after purchasing an additional 15,453 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Announces Dividend

The company 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. The ex-dividend date of this dividend was Friday, May 10th. This represents a $3.12 annualized dividend and a yield of 2.80%. ConocoPhillips’s payout ratio is presently 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.