ConocoPhillips (NYSE:COP) Forecasted to Post FY2022 Earnings of $13.78 Per Share

ConocoPhillips (NYSE:COPGet Rating) – Investment analysts at Jefferies Financial Group cut their FY2022 earnings per share estimates for shares of ConocoPhillips in a research note issued on Tuesday, January 17th. Jefferies Financial Group analyst L. Byrne now expects that the energy producer will earn $13.78 per share for the year, down from their prior estimate of $14.30. 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 $14.05 per share. Jefferies Financial Group also issued estimates for ConocoPhillips’ Q4 2022 earnings at $2.94 EPS, Q1 2023 earnings at $2.27 EPS, Q2 2023 earnings at $2.29 EPS, Q3 2023 earnings at $2.41 EPS, Q4 2023 earnings at $2.53 EPS, FY2023 earnings at $9.50 EPS, Q1 2024 earnings at $2.57 EPS, Q2 2024 earnings at $2.30 EPS, Q3 2024 earnings at $2.35 EPS, Q4 2024 earnings at $2.48 EPS and FY2024 earnings at $9.71 EPS.

A number of other equities analysts have also recently commented on the company. Wolfe Research cut ConocoPhillips from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 12th. Royal Bank of Canada boosted their price target on ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, November 7th. Truist Financial lowered their target price on ConocoPhillips from $155.00 to $148.00 in a report on Thursday. Erste Group Bank raised ConocoPhillips from a “hold” rating to a “buy” rating in a report on Wednesday, October 5th. Finally, Wells Fargo & Company upped their target price on ConocoPhillips from $154.00 to $156.00 and gave the stock an “overweight” rating in a report on Tuesday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.86.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $121.80 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.37 and a current ratio of 1.46. ConocoPhillips has a 52 week low of $78.30 and a 52 week high of $138.49. The stock has a market capitalization of $151.77 billion, a P/E ratio of 8.78, a price-to-earnings-growth ratio of 0.52 and a beta of 1.29. The stock has a fifty day moving average of $119.47 and a 200-day moving average of $111.68.

ConocoPhillips (NYSE:COPGet Rating) last posted its quarterly earnings results on Thursday, November 3rd. The energy producer reported $3.60 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.19. ConocoPhillips had a return on equity of 35.02% and a net margin of 22.90%. The company had revenue of $21.61 billion during the quarter, compared to analysts’ expectations of $17.05 billion.

Institutional Trading of ConocoPhillips

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mechanics Financial Corp raised its stake in shares of ConocoPhillips by 81.3% in the fourth quarter. Mechanics Financial Corp now owns 1,360 shares of the energy producer’s stock worth $160,000 after purchasing an additional 610 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $1,366,000. Goelzer Investment Management Inc. increased its position in shares of ConocoPhillips by 9.8% during the fourth quarter. Goelzer Investment Management Inc. now owns 5,200 shares of the energy producer’s stock valued at $614,000 after acquiring an additional 464 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $228,000. Finally, Gemmer Asset Management LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $239,000. 81.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Nicholas G. Olds sold 10,950 shares of the stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $134.90, for a total value of $1,477,155.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Timothy A. Leach sold 4,860 shares of the stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $112.58, for a total value of $547,138.80. Following the completion of the sale, the director now directly owns 661,142 shares of the company’s stock, valued at $74,431,366.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nicholas G. Olds sold 10,950 shares of the stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $134.90, for a total value of $1,477,155.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, December 27th were issued a $0.51 dividend. The ex-dividend date of this dividend was Friday, December 23rd. This represents a $2.04 annualized dividend and a yield of 1.67%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.46. ConocoPhillips’s dividend payout ratio is presently 14.70%.

About ConocoPhillips

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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.

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Earnings History and Estimates for ConocoPhillips (NYSE:COP)

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