ConocoPhillips (NYSE:COP) Releases Earnings Results, Beats Estimates By $0.16 EPS
ConocoPhillips (NYSE:COP) released its quarterly earnings data on Thursday. The energy producer reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.16, MarketWatch Earnings reports. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same quarter in the prior year, the firm earned ($0.79) EPS.
Shares of ConocoPhillips (NYSE COP) traded up 2.20% during mid-day trading on Thursday, hitting $44.66. 9,803,015 shares of the stock traded hands. The firm’s market cap is $55.25 billion. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The firm’s 50 day moving average price is $44.18 and its 200 day moving average price is $46.88.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be issued a $0.265 dividend. The ex-dividend date is Thursday, July 20th. This represents a $1.06 dividend on an annualized basis and a yield of 2.37%. ConocoPhillips’s payout ratio is -95.50%.
In other news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Jefferies Group LLC upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating and increased their price objective for the company from $55.00 to $59.00 in a research note on Wednesday, May 17th. Citigroup Inc. dropped their price objective on shares of ConocoPhillips from $65.00 to $57.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $52.00 price objective on shares of ConocoPhillips in a research note on Thursday, June 22nd. Guggenheim assumed coverage on shares of ConocoPhillips in a research note on Tuesday, April 18th. They set a “neutral” rating on the stock. Finally, UBS AG upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price objective for the company from $51.00 to $55.00 in a research note on Thursday, March 30th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $55.63.
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ConocoPhillips announced that its Board of Directors has initiated a stock buyback plan on Wednesday, March 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the energy producer to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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