Q2 2024 EPS Estimates for ConocoPhillips (NYSE:COP) Increased by Analyst

ConocoPhillips (NYSE:COP) – Zacks Research increased their Q2 2024 earnings estimates for shares of ConocoPhillips in a note issued to investors on Monday, April 22nd. Zacks Research analyst R. Department now forecasts that the energy producer will earn $2.11 per share for the quarter, up from their prior forecast 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.

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

A number of other research firms have also recently commented on COP. Susquehanna lifted their price target on shares of ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a report on Monday. Morgan Stanley lifted their price target on shares of ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. UBS Group lifted their price target on shares of ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Wells Fargo & Company lifted their price target on shares of ConocoPhillips from $141.00 to $149.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Finally, Scotiabank lifted their price target on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.24.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $129.27 on Tuesday. ConocoPhillips has a 52 week low of $95.70 and a 52 week high of $135.18. The company’s 50 day moving average price is $121.71 and its two-hundred day moving average price is $117.49. The company has a quick ratio of 1.29, a current ratio of 1.43 and a debt-to-equity ratio of 0.36. The stock has a market cap 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.

Hedge Funds Weigh In On ConocoPhillips

Hedge funds and other institutional investors have recently modified their holdings of the company. Orion Capital Management LLC bought a new position in shares of ConocoPhillips during the third 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. Sachetta LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at about $27,000. Cooksen Wealth LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at about $27,000. Finally, Cape Investment Advisory Inc. increased its position in shares of ConocoPhillips by 96.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after buying an additional 121 shares during the period. 82.36% of the stock is owned by institutional investors.

Insider Transactions at ConocoPhillips

In other news, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction on 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 completion of the sale, the chief executive officer now directly 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 accessible through this hyperlink. In other ConocoPhillips news, CFO William L. Jr. Bullock sold 45,200 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $123.32, for a total value of $5,574,064.00. Following the completion of the sale, the chief financial officer now directly owns 44,153 shares of the company’s stock, valued at $5,444,947.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ryan Michael Lance sold 607,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $125.91, for a total transaction of $76,427,370.00. Following the completion of the sale, the chief executive officer now directly owns 6,780 shares of the company’s stock, valued at $853,669.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 700,775 shares of company stock valued at $87,615,169. Insiders own 0.34% of the company’s stock.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Monday, February 19th were issued a dividend of $0.78 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Thursday, February 15th. 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.