Brokers Issue Forecasts for ConocoPhillips’ Q1 2024 Earnings (NYSE:COP)
ConocoPhillips (NYSE:COP – Free Report) – Stock analysts at Capital One Financial lifted their Q1 2024 earnings per share (EPS) estimates for shares of ConocoPhillips in a research report issued to clients and investors on Wednesday, April 3rd. Capital One Financial analyst P. Johnston now forecasts that the energy producer will post earnings of $2.11 per share for the quarter, up from their previous forecast of $1.77. The consensus estimate for ConocoPhillips’ current full-year earnings is $9.16 per share. Capital One Financial also issued estimates for ConocoPhillips’ Q2 2024 earnings at $2.40 EPS, Q3 2024 earnings at $2.45 EPS, Q4 2024 earnings at $2.58 EPS, FY2024 earnings at $9.55 EPS and FY2025 earnings at $9.61 EPS.
Several other equities research analysts have also commented on COP. Piper Sandler cut their target price on ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating on the stock in a research report on Thursday, March 14th. Raymond James decreased their price target on ConocoPhillips from $140.00 to $137.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Scotiabank raised their target price on ConocoPhillips from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Friday, February 9th. Mizuho reissued a “neutral” rating and issued a $139.00 target price (up from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. Finally, UBS Group raised their price target on ConocoPhillips from $138.00 to $143.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.88.
View Our Latest Stock Report on ConocoPhillips
ConocoPhillips Trading Up 1.3 %
Shares of COP stock opened at $133.52 on Monday. The stock has a market cap of $157.07 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 2.99 and a beta of 1.24. The stock has a 50-day moving average of $116.79 and a 200-day moving average of $116.39. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 1-year low of $95.70 and a 1-year high of $133.84.
ConocoPhillips (NYSE:COP – Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 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 company had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the previous year, the firm earned $2.71 EPS.
Institutional Trading of ConocoPhillips
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of ConocoPhillips by 24.4% during the first quarter. GAMMA Investing LLC now owns 15,109 shares of the energy producer’s stock valued at $1,923,000 after acquiring an additional 2,965 shares in the last quarter. CWM LLC raised its stake in ConocoPhillips by 18.4% in the first quarter. CWM LLC now owns 68,023 shares of the energy producer’s stock worth $8,658,000 after buying an additional 10,561 shares in the last quarter. Timber Creek Capital Management LLC raised its stake in ConocoPhillips by 102.5% in the first quarter. Timber Creek Capital Management LLC now owns 43,864 shares of the energy producer’s stock worth $5,583,000 after buying an additional 22,205 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its stake in ConocoPhillips by 4.4% in the first quarter. Canandaigua National Bank & Trust Co. now owns 31,341 shares of the energy producer’s stock worth $3,989,000 after buying an additional 1,324 shares in the last quarter. Finally, Confluence Investment Management LLC bought a new position in ConocoPhillips in the first quarter worth approximately $652,000. 82.36% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at ConocoPhillips
In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Christopher P. Delk sold 8,505 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total value of $953,070.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dominic E. Macklon sold 23,372 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $112.17, for a total transaction of $2,621,637.24. The disclosure for this sale can be found here. Insiders sold 700,775 shares of company stock valued at $87,615,169 in the last 90 days. Insiders own 0.37% of the company’s stock.
ConocoPhillips Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Thursday, February 15th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 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.
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