Zacks Research Analysts Lower Earnings Estimates for ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) – Stock analysts at Zacks Research dropped their Q1 2024 EPS estimates for ConocoPhillips in a research note issued on Monday, April 22nd. Zacks Research analyst R. Department now forecasts that the energy producer will post earnings of $1.95 per share for the quarter, down from their prior estimate 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.

COP has been the subject of a number of other reports. Truist Financial decreased their price objective on ConocoPhillips from $173.00 to $170.00 and set a “buy” rating for the company in a report on Friday, April 5th. UBS Group increased their price target on ConocoPhillips from $138.00 to $143.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Morgan Stanley lifted 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. Barclays started coverage on ConocoPhillips in a report on Wednesday, April 10th. They issued an “overweight” rating and a $158.00 target price on the stock. Finally, Raymond James lowered 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. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $143.24.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $129.27 on Wednesday. The business has a 50 day moving average of $121.71 and a 200-day moving average of $117.49. The company has a market capitalization of $152.07 billion, a P/E ratio of 14.27, 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.

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, topping analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The business had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the prior year, the firm earned $2.71 EPS.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.41%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Thursday, February 15th. ConocoPhillips’s dividend payout ratio (DPR) is presently 25.61%.

Insider Activity

In other news, CEO Ryan Michael Lance sold 607,000 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the transaction, the chief executive officer now owns 6,780 shares of the company’s stock, valued at approximately $853,669.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ConocoPhillips news, SVP Heather G. Hrap sold 4,548 shares of the company’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 transaction, the senior vice president now owns 2,654 shares in the company, valued at $293,399.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the transaction, the chief executive officer now owns 6,780 shares of the company’s stock, valued at $853,669.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 700,775 shares of company stock worth $87,615,169. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

A number of institutional investors and hedge funds have recently made changes to their positions in COP. Orion Capital Management LLC purchased a new stake in shares of ConocoPhillips in the third quarter worth approximately $27,000. West Branch Capital LLC raised its position in ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after buying an additional 108 shares during the last quarter. Cooksen Wealth LLC bought a new position in ConocoPhillips during the 4th quarter valued at $27,000. Sachetta LLC purchased a new position in ConocoPhillips during the 4th quarter worth $27,000. Finally, Richardson Capital Management LLC bought a new stake in shares of ConocoPhillips in the 1st quarter worth $31,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

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.