ConocoPhillips (NYSE:COP) Posts Earnings Results, Beats Estimates By $0.20 EPS

ConocoPhillips (NYSE:COP) released its earnings results on Thursday. The energy producer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20, Zacks reports. The firm had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share.

ConocoPhillips Stock Performance

NYSE:COP traded up $1.16 during mid-day trading on Friday, reaching $86.82. 7,567,386 shares of the stock were exchanged, compared to its average volume of 7,704,949. The stock has a market capitalization of $108.43 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.36 and a beta of 0.58. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38. The company has a 50 day simple moving average of $91.58 and a 200-day simple moving average of $91.98. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, November 17th. ConocoPhillips’s payout ratio is presently 41.88%.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently made changes to their positions in the business. AXA S.A. raised its stake in ConocoPhillips by 91.1% during the 2nd quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock valued at $7,622,000 after acquiring an additional 40,499 shares during the last quarter. Sei Investments Co. grew its stake in shares of ConocoPhillips by 6.1% in the 2nd quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock valued at $70,397,000 after purchasing an additional 44,852 shares during the last quarter. BNP Paribas acquired a new position in shares of ConocoPhillips in the second quarter valued at approximately $33,000. Osterweis Capital Management Inc. purchased a new stake in shares of ConocoPhillips during the second quarter worth approximately $151,000. Finally, Main Street Financial Solutions LLC raised its stake in shares of ConocoPhillips by 53.5% during the second quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock worth $431,000 after purchasing an additional 1,675 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COP has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price target on shares of ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating for the company in a report on Friday. Wolfe Research reiterated an “outperform” rating and set a $131.00 target price on shares of ConocoPhillips in a research note on Thursday. Wall Street Zen raised ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group decreased their price target on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, Mizuho lowered their price objective on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Eighteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $114.54.

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.