ConocoPhillips (NYSE:COP) Announces Quarterly Dividend of $0.78

ConocoPhillips (NYSE:COP) declared a quarterly dividend on Thursday, October 31st, RTT News reports. Stockholders of record on Monday, November 11th will be paid a dividend of 0.78 per share by the energy producer on Monday, December 2nd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58.

ConocoPhillips has raised its dividend by an average of 7.7% annually over the last three years. ConocoPhillips has a payout ratio of 28.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ConocoPhillips to earn $8.62 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 26.9%.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $109.54 on Friday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The business’s 50 day moving average price is $108.01 and its 200 day moving average price is $113.17. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The firm has a market cap of $127.20 billion, a P/E ratio of 12.21, a P/E/G ratio of 0.84 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last issued its 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. The firm had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.84 earnings per share. On average, sell-side analysts expect that ConocoPhillips will post 7.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on COP shares. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. Truist Financial dropped their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. BMO Capital Markets increased their price target on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Finally, Barclays reduced their target price on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $136.94.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.34% of the stock is owned by company insiders.

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.