Capital One Financial Equities Analysts Decrease Earnings Estimates for ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) – Equities research analysts at Capital One Financial cut their Q3 2024 earnings per share estimates for shares of ConocoPhillips in a research note issued on Thursday, October 10th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will post earnings per share of $1.65 for the quarter, down from their prior forecast of $1.79. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.02 per share. Capital One Financial also issued estimates for ConocoPhillips’ FY2024 earnings at $7.45 EPS, FY2025 earnings at $6.27 EPS and FY2026 earnings at $6.91 EPS.

A number of other brokerages have also issued reports on COP. Sanford C. Bernstein cut their target price on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Scotiabank lowered their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Wells Fargo & Company decreased their price objective on shares of ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. BMO Capital Markets upped their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Wolfe Research assumed coverage on shares of ConocoPhillips in a report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $137.12.

ConocoPhillips Stock Down 0.9 %

COP stock opened at $109.47 on Monday. The firm has a market cap of $128.03 billion, a PE ratio of 12.40, a PEG ratio of 0.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The firm’s 50 day moving average price is $109.16 and its 200-day moving average price is $115.34.

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

Hedge Funds Weigh In On ConocoPhillips

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Investment Advisory LLC lifted its holdings in shares of ConocoPhillips by 2.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after acquiring an additional 212 shares during the period. First Trust Direct Indexing L.P. increased its position in shares of ConocoPhillips by 5.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after purchasing an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth about $30,021,000. EP Wealth Advisors LLC increased its position in shares of ConocoPhillips by 19.1% during the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after purchasing an additional 4,578 shares in the last quarter. Finally, Norden Group LLC increased its position in shares of ConocoPhillips by 2,634.9% during the 1st quarter. Norden Group LLC now owns 124,440 shares of the energy producer’s stock worth $15,838,000 after purchasing an additional 119,890 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by company insiders.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were paid a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.12%. 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.