Q1 2024 Earnings Forecast for ConocoPhillips (NYSE:COP) Issued By Capital One Financial

ConocoPhillips (NYSE:COP - Free Report) - Capital One Financial increased their Q1 2024 earnings per share (EPS) estimates for ConocoPhillips in a research report issued to clients and investors on Wednesday, April 3rd. Capital One Financial analyst P. Johnston now expects that the energy producer will earn $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.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, February 8th. The energy producer reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.32. The company had revenue of $15.31 billion for the quarter, compared to analysts' expectations of $14.47 billion. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. During the same period in the prior year, the firm earned $2.71 earnings per share.

COP has been the topic of a number of other reports. Susquehanna cut their target price on ConocoPhillips from $152.00 to $133.00 and set a "positive" rating on the stock in a research note on Friday, January 26th. Johnson Rice cut ConocoPhillips from an "accumulate" rating to a "hold" rating in a research note on Thursday, December 14th. Truist Financial cut their target price on ConocoPhillips from $173.00 to $170.00 and set a "buy" rating on the stock in a research note on Friday. Raymond James cut their target price on ConocoPhillips from $140.00 to $137.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, January 24th. Finally, 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 note on Thursday, March 14th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.88.

ConocoPhillips Stock Down 0.8 %

COP stock traded down $1.10 during midday trading on Monday, hitting $132.42. The stock had a trading volume of 4,481,391 shares, compared to its average volume of 5,612,177. The firm has a market cap of $155.78 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 2.91 and a beta of 1.24. The business has a 50-day moving average of $117.21 and a two-hundred day moving average of $116.49. ConocoPhillips has a 52-week low of $95.70 and a 52-week high of $134.02. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.43 and a quick ratio of 1.29.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Monday, February 19th were paid 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 2.36%. The ex-dividend date was Thursday, February 15th. ConocoPhillips's payout ratio is currently 25.61%.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, CFO William L. Jr. Bullock sold 45,200 shares of the business's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the completion of the sale, the chief financial officer now directly owns 44,153 shares in the company, valued at approximately $5,444,947.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO William L. Jr. Bullock sold 45,200 shares of ConocoPhillips stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $123.32, for a total transaction of $5,574,064.00. Following the transaction, the chief financial officer now directly owns 44,153 shares of the company's stock, valued at approximately $5,444,947.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ryan Michael Lance sold 607,000 shares of ConocoPhillips stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $125.91, for a total value of $76,427,370.00. Following the transaction, the chief executive officer now directly owns 6,780 shares in the company, valued at $853,669.80. The disclosure for this sale can be found here. Insiders sold a total of 700,775 shares of company stock worth $87,615,169 in the last three months. 0.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bayesian Capital Management LP purchased a new position in shares of ConocoPhillips during the 2nd quarter valued at about $5,592,000. Bollard Group LLC lifted its holdings in ConocoPhillips by 1.0% in the 2nd quarter. Bollard Group LLC now owns 130,043 shares of the energy producer's stock worth $13,474,000 after purchasing an additional 1,233 shares in the last quarter. Capital Investment Counsel Inc purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $228,000. Columbia Trust Co 01012016 lifted its holdings in ConocoPhillips by 1.2% in the 4th quarter. Columbia Trust Co 01012016 now owns 9,463 shares of the energy producer's stock worth $1,098,000 after purchasing an additional 112 shares in the last quarter. Finally, Raymond James & Associates lifted its holdings in ConocoPhillips by 1.5% in the 4th quarter. Raymond James & Associates now owns 1,563,044 shares of the energy producer's stock worth $181,422,000 after purchasing an additional 23,572 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

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.