ConocoPhillips (NYSE:COP) Raises Dividend to $0.93 Per Share

Key Points

• ConocoPhillips raised its quarterly dividend 10.7%, from $0.84 to $0.93 per share, equivalent to $3.72 annually and a 2.7% yield. The dividend is payable December 1 to shareholders of record November 16.
• The company reported quarterly EPS of $3.27, beating analysts’ $3.05 estimate, while revenue of $19.43 billion topped expectations and rose 29.2% year over year.
• Analysts have a consensus “Moderate Buy” rating on COP, with an average price target of $145.21.

ConocoPhillips (NYSE:COP - Get Free Report) announced a quarterly dividend on Thursday, November 5th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.93 per share by the energy producer on Tuesday, December 1st. This represents a $3.72 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, November 16th. This is a 10.7% increase from ConocoPhillips's previous quarterly dividend of $0.84.

ConocoPhillips has raised its dividend payment by an average of 0.1% annually over the last three years. ConocoPhillips has a payout ratio of 47.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ConocoPhillips to earn $11.29 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 29.8%.

ConocoPhillips Trading Down 1.0%

COP traded down $1.39 during midday trading on Thursday, hitting $135.55. The company's stock had a trading volume of 9,227,173 shares, compared to its average volume of 7,995,573. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $154.28. The firm has a 50-day moving average price of $136.69 and a two-hundred day moving average price of $121.71. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a market cap of $162.84 billion, a P/E ratio of 17.93, a PEG ratio of 1.36 and a beta of 0.16.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.05 by $0.22. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.43 billion for the quarter, compared to analysts' expectations of $18.59 billion. During the same period last year, the company earned $1.61 earnings per share. The company's quarterly revenue was up 29.2% on a year-over-year basis. On average, research analysts anticipate that ConocoPhillips will post 11.78 earnings per share for the current year.

Wall Street Analyst Weigh In

COP has been the topic of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of ConocoPhillips in a report on Thursday, September 10th. They issued a "hold" rating and a $148.00 price target on the stock. Weiss Ratings upgraded ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, September 29th. Jefferies Financial Group boosted their price target on ConocoPhillips from $159.00 to $174.00 and gave the company a "buy" rating in a research report on Tuesday, October 6th. William Blair started coverage on ConocoPhillips in a research note on Wednesday, October 28th. They set a "market perform" rating for the company. Finally, Argus upped their price target on ConocoPhillips from $136.00 to $153.00 and gave the stock a "buy" rating in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $145.21.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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