Q2 2024 Earnings Forecast for ConocoPhillips (NYSE:COP) Issued By Zacks Research

ConocoPhillips (NYSE:COP - Free Report) - Investment analysts at Zacks Research upped their Q2 2024 EPS estimates for ConocoPhillips in a research report issued to clients and investors on Thursday, May 23rd. Zacks Research analyst R. Department now forecasts that the energy producer will earn $2.30 per share for the quarter, up from their previous forecast of $2.11. The consensus estimate for ConocoPhillips' current full-year earnings is $9.09 per share. Zacks Research also issued estimates for ConocoPhillips' Q4 2024 earnings at $2.30 EPS, Q2 2025 earnings at $2.51 EPS and FY2026 earnings at $9.64 EPS.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, beating the consensus estimate of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The company had revenue of $14.48 billion during the quarter, compared to analysts' expectations of $14.72 billion.

COP has been the topic of several other reports. UBS Group raised their target price on ConocoPhillips from $138.00 to $143.00 and gave the company a "buy" rating in a report on Wednesday, February 14th. Barclays assumed coverage on shares of ConocoPhillips in a research note on Wednesday, April 10th. They issued an "overweight" rating and a $158.00 target price for the company. Royal Bank of Canada lifted their price target on shares of ConocoPhillips from $135.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 15th. Scotiabank raised their target price on ConocoPhillips from $120.00 to $135.00 and gave the company a "sector perform" rating in a research note on Thursday, April 11th. Finally, Morgan Stanley increased their price target on ConocoPhillips from $123.00 to $129.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Five investment 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 company's stock. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.24.

ConocoPhillips Trading Down 0.3 %

NYSE COP traded down $0.40 during mid-day trading on Friday, hitting $117.25. The company's stock had a trading volume of 2,851,101 shares, compared to its average volume of 5,260,977. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.35 and a quick ratio of 1.21. ConocoPhillips has a 52-week low of $98.38 and a 52-week high of $135.18. The stock's fifty day simple moving average is $125.98 and its two-hundred day simple moving average is $117.74. The firm has a market capitalization of $137.13 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer's stock valued at $4,097,473,000 after acquiring an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of ConocoPhillips by 512.8% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer's stock valued at $433,757,000 after acquiring an additional 3,127,165 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of ConocoPhillips during the 3rd quarter worth about $310,102,000. Capital International Investors grew its stake in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer's stock valued at $2,705,059,000 after acquiring an additional 1,856,085 shares during the period. Finally, Capital Wealth Planning LLC raised its holdings in ConocoPhillips by 45,426.8% during the third quarter. Capital Wealth Planning LLC now owns 1,429,085 shares of the energy producer's stock worth $171,204,000 after buying an additional 1,425,946 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Nicholas G. Olds sold 12,150 shares of the firm's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $126.44, for a total value of $1,536,246.00. Following the completion of the transaction, the executive vice president now directly owns 14,522 shares in the company, valued at $1,836,161.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Nicholas G. Olds sold 12,150 shares of the company's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $126.44, for a total value of $1,536,246.00. Following the transaction, the executive vice president now owns 14,522 shares in the company, valued at approximately $1,836,161.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 owns 44,153 shares of the company's stock, valued at $5,444,947.96. The disclosure for this sale can be found here. Insiders have sold 664,350 shares of company stock valued at $83,537,680 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 13th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, May 10th. ConocoPhillips's dividend payout ratio (DPR) is currently 26.27%.

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.