Brokers Set Expectations for ConocoPhillips’ FY2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COPGet Rating) – Jefferies Financial Group boosted their FY2024 earnings estimates for shares of ConocoPhillips in a research note issued to investors on Sunday, November 20th. Jefferies Financial Group analyst L. Byrne now forecasts that the energy producer will post earnings of $10.98 per share for the year, up from their prior forecast of $10.06. Jefferies Financial Group currently has a “Buy” rating and a $143.00 target price on the stock. The consensus estimate for ConocoPhillips’ current full-year earnings is $14.25 per share.

Other equities analysts have also recently issued reports about the stock. Erste Group Bank raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Wednesday, October 5th. The Goldman Sachs Group boosted their price objective on shares of ConocoPhillips from $128.00 to $142.00 and gave the company a “buy” rating in a research report on Friday, November 4th. MKM Partners lifted their price objective on shares of ConocoPhillips from $110.00 to $118.00 and gave the company a “buy” rating in a report on Friday, August 26th. StockNews.com assumed coverage on ConocoPhillips in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Truist Financial increased their target price on ConocoPhillips from $149.00 to $167.00 in a research report on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have assigned a buy rating and one has assigned 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 $133.76.

ConocoPhillips Price Performance

COP stock opened at $126.74 on Wednesday. ConocoPhillips has a 12 month low of $66.06 and a 12 month high of $138.49. The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $120.51 and a 200 day moving average price of $108.00. The stock has a market cap of $157.93 billion, a PE ratio of 9.13, a P/E/G ratio of 0.47 and a beta of 1.32.

Institutional Trading of ConocoPhillips

Several hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC increased its position in shares of ConocoPhillips by 63.9% in the first quarter. Cetera Advisors LLC now owns 42,067 shares of the energy producer’s stock worth $4,207,000 after acquiring an additional 16,396 shares in the last quarter. First Republic Investment Management Inc. lifted its stake in shares of ConocoPhillips by 9.5% in the first quarter. First Republic Investment Management Inc. now owns 697,281 shares of the energy producer’s stock worth $69,728,000 after buying an additional 60,715 shares during the last quarter. Galvin Gaustad & Stein LLC lifted its stake in shares of ConocoPhillips by 11.5% in the second quarter. Galvin Gaustad & Stein LLC now owns 2,429 shares of the energy producer’s stock worth $218,000 after buying an additional 250 shares during the last quarter. Beaton Management Co. Inc. raised its stake in ConocoPhillips by 3.1% during the 1st quarter. Beaton Management Co. Inc. now owns 9,051 shares of the energy producer’s stock valued at $905,000 after purchasing an additional 274 shares during the last quarter. Finally, MBM Wealth Consultants LLC raised its stake in ConocoPhillips by 31.1% during the 1st quarter. MBM Wealth Consultants LLC now owns 860 shares of the energy producer’s stock valued at $86,000 after purchasing an additional 204 shares during the last quarter. 79.66% of the stock is currently owned by institutional investors.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 10,950 shares of the firm’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $134.90, for a total transaction of $1,477,155.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.08% of the company’s stock.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Tuesday, December 27th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Friday, December 23rd. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.46. ConocoPhillips’s dividend payout ratio (DPR) is currently 14.70%.

About ConocoPhillips

(Get Rating)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

See Also

Earnings History and Estimates for ConocoPhillips (NYSE:COP)

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