ConocoPhillips FY2024 EPS Raised by Capital One Financial

ConocoPhillips (NYSE:COP) – Equities research analysts at Capital One Financial lifted their FY2024 earnings estimates for shares of ConocoPhillips in a research report issued to clients and investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will earn $7.54 per share for the year, up from their previous forecast of $7.50. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.77 per share.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the prior year, the firm earned $2.16 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis.

Several other research firms have also recently commented on COP. BMO Capital Markets increased their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Evercore ISI restated an “outperform” rating and issued a $165.00 target price on shares of ConocoPhillips in a report on Friday, December 6th. Morgan Stanley assumed coverage on ConocoPhillips in a report on Monday, December 16th. They issued an “overweight” rating and a $128.00 target price for the company. Wells Fargo & Company upped their target price on ConocoPhillips from $131.00 to $134.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their target price for the company from $120.00 to $123.00 in a report on Thursday, December 5th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $136.71.

ConocoPhillips Stock Up 0.3 %

COP stock opened at $101.93 on Friday. The company has a market cap of $117.31 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.83 and a beta of 1.19. The firm has a 50-day moving average of $104.39 and a two-hundred day moving average of $107.74. ConocoPhillips has a 12 month low of $94.23 and a 12 month high of $135.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

Hedge Funds Weigh In On ConocoPhillips

Hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its position in ConocoPhillips by 8.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,790 shares of the energy producer’s stock valued at $178,000 after purchasing an additional 142 shares in the last quarter. ST Germain D J Co. Inc. raised its position in ConocoPhillips by 13.7% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,608 shares of the energy producer’s stock valued at $358,000 after purchasing an additional 436 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in ConocoPhillips by 1.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 168,719 shares of the energy producer’s stock valued at $17,763,000 after purchasing an additional 1,838 shares in the last quarter. Fortitude Family Office LLC raised its position in ConocoPhillips by 11.1% in the 4th quarter. Fortitude Family Office LLC now owns 1,655 shares of the energy producer’s stock valued at $164,000 after purchasing an additional 166 shares in the last quarter. Finally, InvesTrust acquired a new stake in ConocoPhillips in the 4th quarter valued at about $297,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In other news, Director R A. Walker bought 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were purchased at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the purchase, the director now owns 38,000 shares in the company, valued at approximately $3,716,400. The trade was a 37.68 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arjun N. Murti bought 2,500 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the purchase, the director now owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were issued a dividend of $0.78 per share. The ex-dividend date was Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.06%. ConocoPhillips’s dividend payout ratio is currently 37.10%.

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.