ConocoPhillips Forecasted to Earn Q4 2024 Earnings of $2.40 Per Share (NYSE:COP)

ConocoPhillips (NYSE:COP) – Equities researchers at Roth Capital reduced their Q4 2024 earnings per share estimates for shares of ConocoPhillips in a note issued to investors on Thursday, August 1st. Roth Capital analyst L. Mariani now expects that the energy producer will post earnings of $2.40 per share for the quarter, down from their previous forecast of $2.58. The consensus estimate for ConocoPhillips’ current full-year earnings is $8.73 per share. Roth Capital also issued estimates for ConocoPhillips’ Q1 2025 earnings at $2.44 EPS, Q2 2025 earnings at $2.25 EPS, Q3 2025 earnings at $2.51 EPS, Q4 2025 earnings at $3.07 EPS and FY2025 earnings at $10.27 EPS.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.08). ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter last year, the firm earned $1.84 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. Truist Financial dropped their target price on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday. Royal Bank of Canada boosted their price target on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, May 15th. Bank of America reiterated a “buy” rating and set a $147.00 price target on shares of ConocoPhillips in a research note on Friday, June 14th. Mizuho dropped their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 5th. Finally, Wells Fargo & Company dropped their price target on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.06.

ConocoPhillips Stock Down 2.4 %

Shares of COP stock opened at $105.77 on Friday. ConocoPhillips has a 1-year low of $103.98 and a 1-year high of $135.18. The stock’s fifty day moving average price is $112.75 and its 200 day moving average price is $117.10. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.21. The company has a market cap of $123.70 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 2.14 and a beta of 1.24.

ConocoPhillips Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.19%. ConocoPhillips’s payout ratio is 26.27%.

Hedge Funds Weigh In On ConocoPhillips

A number of large investors have recently bought and sold shares of COP. Cardinal Capital Management Inc. acquired a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $13,468,000. Harbor Investment Advisory LLC raised its holdings in shares of ConocoPhillips by 2.2% during the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after acquiring an additional 212 shares during the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of ConocoPhillips by 5.6% during the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after acquiring an additional 1,390 shares during the last quarter. Quotient Wealth Partners LLC acquired a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $5,594,000. Finally, EP Wealth Advisors LLC raised its holdings in shares of ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after acquiring an additional 4,578 shares during the last quarter. Institutional investors and hedge funds 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.