Brokerages Anticipate ConocoPhillips (COP) Will Post Quarterly Sales of $6.93 Billion
Wall Street analysts forecast that ConocoPhillips (NYSE:COP) will announce sales of $6.93 billion for the current quarter, Zacks reports. Four analysts have provided estimates for ConocoPhillips’ earnings, with the highest sales estimate coming in at $7.34 billion and the lowest estimate coming in at $6.52 billion. ConocoPhillips posted sales of $5.58 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 24.2%. The company is expected to report its next quarterly earnings results on Thursday, July 27th.
According to Zacks, analysts expect that ConocoPhillips will report full-year sales of $6.93 billion for the current financial year, with estimates ranging from $27.11 billion to $30.11 billion. For the next year, analysts forecast that the firm will post sales of $28.68 billion per share, with estimates ranging from $25.07 billion to $32.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover ConocoPhillips.
ConocoPhillips (NYSE:COP) last released its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by $0.05. ConocoPhillips had a negative return on equity of 5.92% and a negative net margin of 5.05%. The company had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.47 billion. During the same period last year, the firm posted ($0.95) EPS.
COP has been the topic of a number of research reports. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and issued a $52.00 price objective on shares of ConocoPhillips in a report on Thursday. Instinet restated a “neutral” rating and issued a $54.00 price objective on shares of ConocoPhillips in a report on Monday, April 3rd. BidaskClub upgraded ConocoPhillips from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Royal Bank Of Canada restated a “buy” rating and issued a $62.00 price objective on shares of ConocoPhillips in a report on Thursday, June 15th. Finally, Vetr lowered ConocoPhillips from a “strong-buy” rating to a “buy” rating in a report on Friday, March 31st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $56.80.
In related news, VP James D. Mcmorran sold 9,091 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the company. Clark Capital Management Group Inc. boosted its stake in shares of ConocoPhillips by 87.9% in the fourth quarter. Clark Capital Management Group Inc. now owns 325,271 shares of the energy producer’s stock worth $16,309,000 after buying an additional 152,198 shares in the last quarter. Key Square Capital Management LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth $24,046,000. Robertson Stephens Advisors LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth $3,868,000. Armor Investment Advisors LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth $808,000. Finally, Cipher Capital LP purchased a new stake in shares of ConocoPhillips during the fourth quarter worth $2,167,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.
ConocoPhillips (NYSE COP) opened at 44.83 on Friday. The stock’s market cap is $55.46 billion. The stock has a 50 day moving average of $45.94 and a 200 day moving average of $48.15. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Monday, May 15th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.36%. The ex-dividend date was Thursday, May 11th. ConocoPhillips’s payout ratio is -95.50%.
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ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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