$6.85 Billion in Sales Expected for ConocoPhillips (COP) This Quarter
Analysts forecast that ConocoPhillips (NYSE:COP) will announce sales of $6.85 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for ConocoPhillips’ earnings, with the highest sales estimate coming in at $7.34 billion and the lowest estimate coming in at $6.39 billion. ConocoPhillips posted sales of $5.58 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 22.8%. The firm is expected to issue its next earnings report before the market opens on Thursday, July 27th.
On average, analysts expect that ConocoPhillips will report full year sales of $6.85 billion for the current financial year, with estimates ranging from $25.83 billion to $30.11 billion. For the next financial year, analysts expect that the firm will report sales of $26.60 billion per share, with estimates ranging from $23.21 billion to $29.87 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow ConocoPhillips.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.05. The company had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.47 billion. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same quarter in the previous year, the business posted ($0.95) EPS.
COP has been the subject of several analyst reports. Jefferies Group LLC raised ConocoPhillips from a “hold” rating to a “buy” rating and upped their target price for the stock from $55.00 to $59.00 in a research report on Wednesday, May 17th. UBS AG raised ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price target for the company from $51.00 to $55.00 in a report on Thursday, March 30th. Scotiabank set a $53.00 price target on ConocoPhillips and gave the company a “buy” rating in a report on Monday, March 27th. Vetr downgraded ConocoPhillips from a “strong-buy” rating to a “buy” rating in a report on Friday, March 31st. Finally, Cowen and Company reissued a “buy” rating on shares of ConocoPhillips in a report on Friday, April 14th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $55.56.
Shares of ConocoPhillips (COP) traded down 1.18% during trading on Friday, hitting $42.72. The stock had a trading volume of 3,783,787 shares. The stock has a 50-day moving average of $44.32 and a 200 day moving average of $47.10. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The firm’s market cap is $52.85 billion.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, July 24th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s payout ratio is -95.50%.
ConocoPhillips announced that its Board of Directors has authorized a share repurchase program on Wednesday, March 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
In other news, VP James D. Mcmorran sold 9,091 shares of the 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. First Command Bank boosted its stake in ConocoPhillips by 9.4% in the second quarter. First Command Bank now owns 2,313 shares of the energy producer’s stock valued at $101,000 after buying an additional 199 shares in the last quarter. Gemmer Asset Management LLC boosted its stake in ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock valued at $108,000 after buying an additional 8 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in ConocoPhillips by 30.9% in the first quarter. Quadrant Capital Group LLC now owns 2,413 shares of the energy producer’s stock valued at $109,000 after buying an additional 569 shares in the last quarter. Financial Management Professionals Inc. boosted its stake in ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock valued at $114,000 after buying an additional 6 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC boosted its stake in ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock valued at $116,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 67.60% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.