ConocoPhillips to Post Q2 2024 Earnings of $2.11 Per Share, Zacks Research Forecasts (NYSE:COP)

ConocoPhillips (NYSE:COP) – Equities research analysts at Zacks Research upped their Q2 2024 earnings per share (EPS) estimates for ConocoPhillips in a research note issued on Monday, April 22nd. Zacks Research analyst R. Department now expects that the energy producer will earn $2.11 per share for the quarter, up from their previous estimate of $2.10. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.47 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2025 earnings at $2.64 EPS.

COP has been the topic of several other research reports. Morgan Stanley increased their price objective on ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. 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 note on Wednesday, February 14th. Raymond James reduced their price target on shares of ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Scotiabank lifted their price objective 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. Finally, Wells Fargo & Company upped their target price on ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Price Performance

Shares of COP stock opened at $129.83 on Tuesday. The company’s 50-day simple moving average is $121.33 and its two-hundred day simple moving average is $117.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. ConocoPhillips has a one year low of $95.70 and a one year high of $135.18. The company has a market capitalization of $152.73 billion, a P/E ratio of 14.33, a P/E/G ratio of 2.73 and a beta of 1.24.

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

Hedge Funds Weigh In On ConocoPhillips

A number of institutional investors have recently modified their holdings of the stock. Capital Investment Counsel Inc acquired a new position in ConocoPhillips in the third quarter valued at approximately $228,000. Columbia Trust Co 01012016 increased its holdings in ConocoPhillips by 1.2% in the fourth quarter. Columbia Trust Co 01012016 now owns 9,463 shares of the energy producer’s stock valued at $1,098,000 after buying an additional 112 shares in the last quarter. Raymond James & Associates raised its position in shares of ConocoPhillips by 1.5% in the fourth quarter. Raymond James & Associates now owns 1,563,044 shares of the energy producer’s stock worth $181,422,000 after acquiring an additional 23,572 shares during the period. Syon Capital LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter worth about $2,262,000. Finally, PFG Investments LLC acquired a new stake in shares of ConocoPhillips during the 3rd quarter valued at about $233,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling at ConocoPhillips

In other news, SVP Heather G. Hrap sold 4,548 shares of the business’s 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 sale, 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 filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Heather G. Hrap sold 4,548 shares of the stock in a transaction that occurred 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 owns 2,654 shares in the company, valued at approximately $293,399.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nicholas G. Olds sold 12,150 shares of ConocoPhillips stock in a transaction that occurred on 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 sale, the executive vice president now owns 14,522 shares of the company’s stock, valued at $1,836,161.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 700,775 shares of company stock worth $87,615,169. 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. Shareholders of record on Monday, February 19th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.40%. The ex-dividend date was Thursday, February 15th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 25.61%.

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.