Zacks Research Analysts Cut Earnings Estimates for ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) – Investment analysts at Zacks Research lowered their Q3 2024 earnings estimates for ConocoPhillips in a research note issued on Wednesday, September 25th. Zacks Research analyst R. Department now anticipates that the energy producer will post earnings of $2.17 per share for the quarter, down from their previous estimate of $2.21. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.14 per share. Zacks Research also issued estimates for ConocoPhillips’ Q4 2024 earnings at $2.21 EPS, FY2024 earnings at $8.39 EPS, Q1 2025 earnings at $2.42 EPS, Q2 2025 earnings at $2.44 EPS, FY2025 earnings at $9.86 EPS, Q1 2026 earnings at $2.40 EPS, Q2 2026 earnings at $2.54 EPS and FY2026 earnings at $9.98 EPS.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the previous year, the company earned $1.84 EPS. The business’s quarterly revenue was up 9.7% compared to the same quarter last year.

A number of other equities analysts have also recently commented on COP. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Sanford C. Bernstein cut their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Scotiabank cut their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. Wolfe Research began coverage on shares of ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. Finally, Susquehanna cut their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.24.

ConocoPhillips Price Performance

COP stock opened at $104.72 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The stock has a market cap of $121.61 billion, a PE ratio of 11.86, a P/E/G ratio of 0.85 and a beta of 1.22. The firm has a 50 day simple moving average of $108.85 and a two-hundred day simple moving average of $116.32.

ConocoPhillips Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Institutional Trading of ConocoPhillips

Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in ConocoPhillips by 35.8% during the 1st 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 purchasing an additional 8,479,963 shares during the last quarter. Capital International Investors boosted its holdings in shares of ConocoPhillips by 9.6% during the 1st 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 last quarter. Legal & General Group Plc boosted its holdings in shares of ConocoPhillips by 4.6% during the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock valued at $1,132,430,000 after acquiring an additional 438,241 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of ConocoPhillips by 2.7% during the 4th quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer’s stock valued at $860,398,000 after acquiring an additional 191,519 shares during the last quarter. Finally, Putnam Investments LLC boosted its holdings in shares of ConocoPhillips by 3.6% during the 4th quarter. Putnam Investments LLC now owns 6,079,041 shares of the energy producer’s stock valued at $705,594,000 after acquiring an additional 211,257 shares during 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.