ConocoPhillips FY2024 EPS Forecast Reduced by Zacks Research

ConocoPhillips (NYSE:COP) – Equities research analysts at Zacks Research dropped their FY2024 earnings estimates for shares of ConocoPhillips in a report issued on Thursday, November 21st. Zacks Research analyst R. Department now expects that the energy producer will post earnings per share of $7.66 for the year, down from their prior estimate 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.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the company posted $2.16 EPS.

A number of other equities research analysts have also recently issued reports on COP. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Truist Financial dropped their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Barclays boosted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Finally, Scotiabank dropped 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. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Trading Up 0.7 %

Shares of ConocoPhillips stock opened at $106.80 on Monday. The stock has a market capitalization of $122.92 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.91 and a beta of 1.21. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a 50-day simple moving average of $108.89 and a 200 day simple moving average of $111.01. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COP. Values First Advisors Inc. acquired a new position in shares of ConocoPhillips in the third quarter valued at approximately $26,000. Stephens Consulting LLC boosted its holdings in shares of ConocoPhillips by 69.3% in the second 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. Reston Wealth Management LLC acquired a new position in ConocoPhillips during the third quarter worth $31,000. Truvestments Capital LLC acquired a new position in ConocoPhillips during the third quarter worth $31,000. Finally, Y.D. More Investments Ltd acquired a new position in ConocoPhillips during the second quarter worth $35,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Increases Dividend

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