ConocoPhillips (NYSE:COP) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

ConocoPhillips (NYSE:COP) issued its quarterly earnings data on Thursday. The energy producer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20, Zacks reports. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. During the same quarter in the prior year, the firm posted $1.78 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis.

ConocoPhillips Stock Performance

NYSE:COP traded up $1.16 on Friday, hitting $86.82. The company’s stock had a trading volume of 7,567,386 shares, compared to its average volume of 7,704,949. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The firm has a market capitalization of $108.43 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58. The stock has a fifty day moving average of $91.58 and a two-hundred day moving average of $91.98. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s payout ratio is currently 41.88%.

Hedge Funds Weigh In On ConocoPhillips

Several institutional investors and hedge funds have recently modified their holdings of the business. Canada Pension Plan Investment Board increased its holdings in shares of ConocoPhillips by 23.4% during the second quarter. Canada Pension Plan Investment Board now owns 1,452,061 shares of the energy producer’s stock valued at $130,308,000 after acquiring an additional 274,960 shares in the last quarter. Man Group plc increased its position in ConocoPhillips by 18.0% during the second quarter. Man Group plc now owns 697,284 shares of the energy producer’s stock valued at $62,574,000 after acquiring an additional 106,363 shares during the last quarter. Lighthouse Investment Partners LLC grew its stake in shares of ConocoPhillips by 429.9% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 110,000 shares of the energy producer’s stock valued at $9,871,000 after purchasing an additional 89,242 shares during the period. Brevan Howard Capital Management LP lifted its stake in shares of ConocoPhillips by 302.6% in the 2nd quarter. Brevan Howard Capital Management LP now owns 89,583 shares of the energy producer’s stock worth $8,039,000 after purchasing an additional 67,333 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of ConocoPhillips by 3.3% in the second quarter. Alliancebernstein L.P. now owns 1,978,987 shares of the energy producer’s stock worth $177,594,000 after buying an additional 62,916 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

COP has been the topic of several recent analyst reports. Morgan Stanley reduced their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Piper Sandler decreased their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 13th. Evercore ISI dropped their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a research note on Monday, October 6th. Finally, Roth Capital lowered their target price on ConocoPhillips from $108.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. Eighteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $114.54.

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.