ConocoPhillips FY2024 EPS Forecast Reduced by Zacks Research

ConocoPhillips (NYSE:COP) – Equities research analysts at Zacks Research decreased their FY2024 earnings estimates for ConocoPhillips in a research report issued on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings of $7.66 per share for the year, down from their prior forecast of $7.81. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.78 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $1.87 EPS, Q2 2025 earnings at $1.85 EPS, Q4 2025 earnings at $1.87 EPS, Q1 2026 earnings at $1.82 EPS and Q3 2026 earnings at $1.93 EPS.

Other equities research analysts have also issued research reports about the stock. Mizuho boosted their price target on shares of ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Truist Financial dropped their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. UBS Group dropped their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. Finally, Susquehanna upped their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips Stock Up 0.7 %

COP stock opened at $106.80 on Monday. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company’s 50 day simple moving average is $108.89 and its 200-day simple moving average is $111.01. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The firm has a market capitalization of $122.92 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.91 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter in the previous year, the business earned $2.16 earnings per share. The firm’s revenue was down 8.5% compared to the same quarter last year.

Institutional Trading of ConocoPhillips

A number of hedge funds have recently bought and sold shares of COP. Values First Advisors Inc. bought a new stake in ConocoPhillips in the 3rd quarter valued at $26,000. Stephens Consulting LLC boosted its holdings in ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares during the period. Reston Wealth Management LLC bought a new position in shares of ConocoPhillips during the 3rd quarter worth about $31,000. Truvestments Capital LLC bought a new position in shares of ConocoPhillips during the 3rd quarter worth about $31,000. Finally, Y.D. More Investments Ltd bought a new position in shares of ConocoPhillips during the 2nd quarter worth about $35,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.92%. ConocoPhillips’s dividend payout ratio is 37.10%.

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.