ConocoPhillips FY2024 EPS Forecast Reduced by Zacks Research

ConocoPhillips (NYSE:COP) – Stock analysts at Zacks Research dropped their FY2024 earnings estimates for shares of ConocoPhillips in a research report issued on Friday, October 25th. Zacks Research analyst R. Department now anticipates that the energy producer will earn $7.81 per share for the year, down from their previous forecast of $8.39. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.95 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.02 EPS, Q1 2025 earnings at $2.16 EPS, Q1 2026 earnings at $2.10 EPS, Q2 2026 earnings at $2.24 EPS and Q3 2026 earnings at $2.15 EPS.

A number of other research analysts also recently issued reports on COP. BMO Capital Markets boosted their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Mizuho cut their price objective on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Sanford C. Bernstein cut their price objective on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Finally, Scotiabank cut their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Six investment 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 company. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $136.94.

ConocoPhillips Trading Up 0.2 %

Shares of NYSE:COP opened at $104.56 on Monday. The stock has a 50 day moving average of $108.47 and a 200 day moving average of $113.68. The company has a market cap of $122.29 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

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

Institutional Trading of ConocoPhillips

Several hedge funds and other institutional investors have recently bought and sold shares of COP. Values First Advisors Inc. purchased a new stake in ConocoPhillips during the 3rd quarter valued at $26,000. Stephens Consulting LLC raised its holdings in ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after buying an additional 104 shares during the period. Ruedi Wealth Management Inc. raised its holdings in ConocoPhillips by 150.0% during the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after buying an additional 150 shares during the period. Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the 2nd quarter valued at $35,000. Finally, Fairway Wealth LLC raised its holdings in ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after buying an additional 153 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.22%. ConocoPhillips’s dividend payout ratio is currently 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.