Zacks Research Lowers Earnings Estimates for ConocoPhillips

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research reduced their FY2024 EPS estimates for shares of ConocoPhillips in a research report issued to clients and investors on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings per share of $7.66 for the year, down from their previous estimate of $7.81. The consensus estimate for ConocoPhillips’ current full-year earnings is $7.78 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $1.87 EPS, Q2 2025 earnings at $1.85 EPS, Q4 2025 earnings at $1.87 EPS, Q1 2026 earnings at $1.82 EPS and Q3 2026 earnings at $1.93 EPS.

COP has been the topic of several other research reports. Truist Financial cut their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Barclays boosted their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Finally, Scotiabank cut their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $137.63.

ConocoPhillips Price Performance

COP opened at $106.03 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock’s 50 day simple moving average is $108.92 and its 200 day simple moving average is $111.11. The firm has a market cap of $122.03 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.91 and a beta of 1.21. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same period last year, the firm earned $2.16 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is 37.10%.

Hedge Funds Weigh In On ConocoPhillips

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Manning & Napier Advisors LLC purchased a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $30,021,000. Alpha DNA Investment Management LLC grew its stake in shares of ConocoPhillips by 83.8% in the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock worth $1,879,000 after acquiring an additional 7,490 shares during the last quarter. Prospera Financial Services Inc increased its holdings in shares of ConocoPhillips by 23.6% during the third quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock valued at $7,488,000 after acquiring an additional 13,595 shares in the last quarter. Pacer Advisors Inc. boosted its stake in ConocoPhillips by 5,422.3% in the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock worth $482,996,000 after purchasing an additional 4,504,653 shares in the last quarter. Finally, TCW Group Inc. grew its position in ConocoPhillips by 37.8% during the 2nd quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock valued at $3,434,000 after purchasing an additional 8,231 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

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.