Q2 2024 EPS Estimates for ConocoPhillips (NYSE:COP) Increased by Analyst

ConocoPhillips (NYSE:COP) – Research analysts at Zacks Research increased their Q2 2024 EPS estimates for shares of ConocoPhillips in a research report issued to clients and investors on Thursday, May 23rd. Zacks Research analyst R. Department now forecasts that the energy producer will post earnings per share of $2.30 for the quarter, up from their prior forecast of $2.11. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.09 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.30 EPS, Q2 2025 earnings at $2.51 EPS and FY2026 earnings at $9.64 EPS.

Other equities analysts have also issued reports about the stock. Scotiabank lifted their target price on shares of ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Susquehanna lifted their price target on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Barclays assumed coverage on shares of ConocoPhillips in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 price target on the stock. Mizuho lifted their price target on shares of ConocoPhillips from $139.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company lifted their price target on shares of ConocoPhillips from $149.00 to $151.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Stock Performance

COP opened at $117.64 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $137.58 billion, a PE ratio of 13.32, a P/E/G ratio of 2.60 and a beta of 1.25. The firm has a 50 day moving average of $125.98 and a two-hundred day moving average of $117.74. ConocoPhillips has a 12-month low of $98.38 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company had revenue of $14.48 billion during the quarter, compared to analysts’ expectations of $14.72 billion.

Institutional Investors Weigh In On ConocoPhillips

A number of hedge funds have recently added to or reduced their stakes in the company. Second Line Capital LLC acquired a new stake in ConocoPhillips in the first quarter valued at about $275,000. Swedbank AB purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $66,495,000. LRI Investments LLC purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $58,000. Adams Wealth Management increased its stake in shares of ConocoPhillips by 35.3% during the 1st quarter. Adams Wealth Management now owns 19,083 shares of the energy producer’s stock worth $2,429,000 after purchasing an additional 4,980 shares in the last quarter. Finally, Strategic Wealth Partners Ltd. purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $222,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the transaction, the executive vice president now owns 14,522 shares in the company, valued at $1,836,161.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Nicholas G. Olds sold 12,150 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the completion of the sale, the executive vice president now owns 14,522 shares in the company, valued at $1,836,161.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William L. Jr. Bullock sold 45,200 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the sale, the chief financial officer now owns 44,153 shares of the company’s stock, valued at approximately $5,444,947.96. The disclosure for this sale can be found here. Insiders have sold 664,350 shares of company stock valued at $83,537,680 over the last quarter. 0.34% of the stock is owned by insiders.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 13th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, May 10th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

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.