ConocoPhillips to Post Q1 2024 Earnings of $1.95 Per Share, Zacks Research Forecasts (NYSE:COP)

ConocoPhillips (NYSE:COP) – Zacks Research cut their Q1 2024 earnings estimates for shares of ConocoPhillips in a research report issued on Monday, April 22nd. Zacks Research analyst R. Department now expects that the energy producer will earn $1.95 per share for the quarter, down from their prior forecast of $2.01. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.47 per share. Zacks Research also issued estimates for ConocoPhillips’ Q3 2024 earnings at $2.17 EPS, Q4 2024 earnings at $2.35 EPS, FY2024 earnings at $8.59 EPS, Q1 2025 earnings at $2.38 EPS, Q2 2025 earnings at $2.56 EPS, FY2025 earnings at $10.34 EPS, Q1 2026 earnings at $2.38 EPS and FY2026 earnings at $10.31 EPS.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. The business had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. ConocoPhillips had a net margin of 18.71% and a return on equity of 22.08%. During the same period in the prior year, the company earned $2.71 EPS.

A number of other equities analysts have also recently issued reports on COP. UBS Group upped their price objective on shares of ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Morgan Stanley upped their price target on shares of ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Barclays started coverage on shares of ConocoPhillips in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 price target for the company. Susquehanna upped their price target on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research report on Monday. Finally, Truist Financial decreased their price target on shares of ConocoPhillips from $173.00 to $170.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

ConocoPhillips Price Performance

COP stock opened at $129.83 on Wednesday. The company has a 50 day simple moving average of $121.33 and a 200 day simple moving average of $117.41. The stock has a market cap of $152.73 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 2.73 and a beta of 1.24. ConocoPhillips has a 1 year low of $95.70 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Wetzel Investment Advisors Inc. raised its holdings in shares of ConocoPhillips by 24.1% in the first quarter. Wetzel Investment Advisors Inc. now owns 1,029 shares of the energy producer’s stock valued at $132,000 after purchasing an additional 200 shares during the last quarter. IRON Financial LLC purchased a new stake in shares of ConocoPhillips in the first quarter valued at about $794,000. Godsey & Gibb Inc. raised its holdings in shares of ConocoPhillips by 1.8% in the first quarter. Godsey & Gibb Inc. now owns 11,822 shares of the energy producer’s stock valued at $1,505,000 after purchasing an additional 213 shares during the last quarter. Iowa State Bank raised its holdings in shares of ConocoPhillips by 8.1% in the first quarter. Iowa State Bank now owns 23,234 shares of the energy producer’s stock valued at $2,957,000 after purchasing an additional 1,737 shares during the last quarter. Finally, Global Retirement Partners LLC raised its holdings in shares of ConocoPhillips by 8.0% in the first quarter. Global Retirement Partners LLC now owns 6,296 shares of the energy producer’s stock valued at $801,000 after purchasing an additional 469 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total transaction of $502,781.40. Following the transaction, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at $293,399.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other ConocoPhillips news, SVP Heather G. Hrap sold 4,548 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the transaction, the senior vice president now directly owns 2,654 shares of the company’s stock, valued at $293,399.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dominic E. Macklon sold 23,372 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $112.17, for a total transaction of $2,621,637.24. The disclosure for this sale can be found here. Insiders have sold a total of 700,775 shares of company stock valued at $87,615,169 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Monday, February 19th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.40%. ConocoPhillips’s dividend payout ratio is currently 25.61%.

About ConocoPhillips

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.