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ConocoPhillips (NYSE:COP) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Financial News Live · Feb 4, 2023 12:01

ConocoPhillips (NYSE:COP – Get Rating) released its quarterly earnings data on Thursday. The energy producer reported $2.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.01), Briefing.com reports. ConocoPhillips had a net margin of 22.74% and a return on equity of 35.30%. The firm had revenue of $19.26 billion during the quarter, compared to analyst estimates of $18.16 billion. During the same period in the prior year, the company earned $2.27 EPS. The business's quarterly revenue was up 20.7% compared to the same quarter last year.

ConocoPhillips Stock Down 2.9 %

NYSE:COP traded down $3.19 during trading hours on Friday, hitting $108.11. 13,504,188 shares of the company traded hands, compared to its average volume of 5,024,922. The company has a quick ratio of 1.37, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm's 50-day simple moving average is $117.37 and its 200-day simple moving average is $114.07. ConocoPhillips has a one year low of $78.30 and a one year high of $138.49. The company has a market cap of $134.71 billion, a PE ratio of 7.45, a PEG ratio of 0.52 and a beta of 1.27.

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ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 14th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.89%. The ex-dividend date is Monday, February 13th. ConocoPhillips's dividend payout ratio (DPR) is presently 14.06%.

Analyst Upgrades and Downgrades

COP has been the subject of a number of recent analyst reports. Piper Sandler increased their target price on shares of ConocoPhillips from $155.00 to $157.00 and gave the company an "overweight" rating in a research report on Monday, December 19th. Wells Fargo & Company increased their target price on shares of ConocoPhillips from $154.00 to $156.00 and gave the company an "overweight" rating in a research report on Tuesday, January 10th. Raymond James decreased their target price on shares of ConocoPhillips from $150.00 to $135.00 and set a "strong-buy" rating for the company in a research report on Thursday, January 26th. Roth Capital reissued a "buy" rating on shares of ConocoPhillips in a research report on Wednesday. Finally, Credit Suisse Group cut their price target on ConocoPhillips from $145.00 to $140.00 and set an "outperform" rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.95.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 4,860 shares of the firm's stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $112.58, for a total transaction of $547,138.80. Following the transaction, the director now directly owns 661,142 shares in the company, valued at approximately $74,431,366.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Timothy A. Leach sold 4,860 shares of the firm's stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $112.58, for a total transaction of $547,138.80. Following the completion of the sale, the director now directly owns 661,142 shares of the company's stock, valued at approximately $74,431,366.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nicholas G. Olds sold 10,950 shares of the firm's stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $134.90, for a total value of $1,477,155.00. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

Institutional Investors Weigh In On ConocoPhillips

Several large investors have recently made changes to their positions in the business. Cowa LLC increased its position in shares of ConocoPhillips by 6,475.2% during the 1st quarter. Cowa LLC now owns 2,375,224 shares of the energy producer's stock valued at $2,383,000 after purchasing an additional 2,339,100 shares during the last quarter. National Pension Service increased its holdings in ConocoPhillips by 1.0% in the 3rd quarter. National Pension Service now owns 1,821,709 shares of the energy producer's stock worth $188,838,000 after acquiring an additional 17,403 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ConocoPhillips in the 1st quarter worth about $119,783,000. Capital Group Private Client Services Inc. increased its holdings in ConocoPhillips by 19.2% in the 1st quarter. Capital Group Private Client Services Inc. now owns 992,871 shares of the energy producer's stock worth $99,287,000 after acquiring an additional 159,853 shares during the last quarter. Finally, Castle Hook Partners LP purchased a new stake in ConocoPhillips in the 1st quarter worth about $64,882,000. 81.76% of the stock is owned by hedge funds and other institutional investors.

About ConocoPhillips

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ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International.