Capital One Financial Weighs in on ConocoPhillips’ Q1 2024 Earnings (NYSE:COP)

ConocoPhillips (NYSE:COP) – Investment analysts at Capital One Financial lowered their Q1 2024 EPS estimates for shares of ConocoPhillips in a research note issued on Tuesday, April 9th. Capital One Financial analyst P. Johnston now forecasts that the energy producer will earn $2.01 per share for the quarter, down from their prior forecast of $2.11. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.22 per share. Capital One Financial also issued estimates for ConocoPhillips’ Q2 2024 earnings at $2.38 EPS, Q3 2024 earnings at $2.44 EPS and FY2024 earnings at $9.43 EPS.

A number of other equities research analysts also recently weighed in on the stock. Barclays initiated coverage on shares of ConocoPhillips in a research note on Wednesday. They set an “overweight” rating and a $158.00 price target for the company. Morgan Stanley boosted their price objective on shares of ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Wells Fargo & Company boosted their price objective on shares of ConocoPhillips from $141.00 to $149.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler decreased their price objective on shares of ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, March 14th. Finally, Johnson Rice cut shares of ConocoPhillips from an “accumulate” rating to a “hold” rating in a report on Thursday, December 14th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.59.

ConocoPhillips Trading Up 0.1 %

COP opened at $132.92 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29. The company has a market cap of $156.37 billion, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 2.88 and a beta of 1.24. The firm has a 50 day simple moving average of $118.42 and a 200 day simple moving average of $116.81. ConocoPhillips has a fifty-two week low of $95.70 and a fifty-two week high of $134.02.

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

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Monday, February 19th were issued a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Thursday, February 15th. This represents a $3.12 annualized dividend and a yield of 2.35%. ConocoPhillips’s dividend payout ratio is presently 25.61%.

Insider Buying and Selling

In related news, SVP Heather G. Hrap sold 4,548 shares of the 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 completion of the transaction, the senior vice president now owns 2,654 shares in the company, valued at $293,399.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of ConocoPhillips stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Heather G. Hrap sold 4,548 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $110.55, for a total value of $502,781.40. Following the completion of the sale, the senior vice president now owns 2,654 shares in the company, valued at $293,399.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 700,775 shares of company stock worth $87,615,169. 0.37% of the stock is owned by insiders.

Institutional Investors Weigh In On ConocoPhillips

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Orion Capital Management LLC bought a new stake in ConocoPhillips in the 3rd quarter valued at about $27,000. West Branch Capital LLC increased its position in shares of ConocoPhillips by 87.8% during the fourth 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 period. Cooksen Wealth LLC bought a new stake in shares of ConocoPhillips during the fourth quarter valued at about $27,000. RVW Wealth LLC bought a new stake in shares of ConocoPhillips during the third quarter valued at about $28,000. Finally, Sachetta LLC bought a new stake in shares of ConocoPhillips during the fourth quarter valued at about $27,000. 82.36% of the stock is currently owned by institutional investors.

About ConocoPhillips

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.