$9.50 Billion in Sales Expected for ConocoPhillips (COP) This Quarter
Equities analysts expect ConocoPhillips (NYSE:COP) to post sales of $9.50 billion for the current quarter, Zacks reports. Three analysts have provided estimates for ConocoPhillips’ earnings. The lowest sales estimate is $9.03 billion and the highest is $9.89 billion. ConocoPhillips reported sales of $7.20 billion in the same quarter last year, which would suggest a positive year over year growth rate of 31.9%. The business is expected to report its next earnings results before the market opens on Thursday, October 25th.
According to Zacks, analysts expect that ConocoPhillips will report full-year sales of $37.36 billion for the current financial year, with estimates ranging from $36.65 billion to $38.36 billion. For the next year, analysts anticipate that the business will report sales of $40.01 billion, with estimates ranging from $37.23 billion to $42.92 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow ConocoPhillips.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.79 billion. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. During the same quarter in the previous year, the business earned $0.14 earnings per share.
In other news, insider Don E. Jr. Wallette sold 59,432 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $71.87, for a total transaction of $4,271,377.84. Following the completion of the sale, the insider now owns 83,047 shares in the company, valued at approximately $5,968,587.89. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Glenda Mae Schwarz sold 18,882 shares of the stock in a transaction on Monday, September 10th. The shares were sold at an average price of $71.15, for a total value of $1,343,454.30. Following the sale, the vice president now owns 29,064 shares of the company’s stock, valued at approximately $2,067,903.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 288,378 shares of company stock valued at $20,769,145. Company insiders own 0.88% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Boston Partners increased its position in shares of ConocoPhillips by 4.4% in the 2nd quarter. Boston Partners now owns 8,577,059 shares of the energy producer’s stock valued at $597,135,000 after acquiring an additional 363,322 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ConocoPhillips by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,890,979 shares of the energy producer’s stock valued at $549,320,000 after acquiring an additional 79,406 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of ConocoPhillips by 2.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 6,653,200 shares of the energy producer’s stock valued at $463,196,000 after acquiring an additional 179,404 shares during the period. Bank of Montreal Can increased its position in shares of ConocoPhillips by 101.9% in the 3rd quarter. Bank of Montreal Can now owns 5,825,885 shares of the energy producer’s stock valued at $450,923,000 after acquiring an additional 2,940,689 shares during the period. Finally, Putnam Investments LLC increased its position in shares of ConocoPhillips by 10.4% in the 2nd quarter. Putnam Investments LLC now owns 5,686,497 shares of the energy producer’s stock valued at $395,894,000 after acquiring an additional 535,141 shares during the period. Hedge funds and other institutional investors own 71.29% of the company’s stock.
ConocoPhillips stock traded up $1.34 during mid-day trading on Friday, reaching $73.83. 6,286,271 shares of the company were exchanged, compared to its average volume of 6,496,395. The company has a quick ratio of 1.58, a current ratio of 1.75 and a debt-to-equity ratio of 0.48. The firm has a market cap of $89.95 billion, a P/E ratio of 123.05, a P/E/G ratio of 1.95 and a beta of 1.23. ConocoPhillips has a 12-month low of $48.97 and a 12-month high of $80.24.
ConocoPhillips announced that its Board of Directors has approved a stock repurchase plan on Thursday, July 12th that allows the company to buyback $9.00 billion in shares. This buyback authorization allows the energy producer to buy up to 10.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, October 15th will be issued a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, October 12th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.29. ConocoPhillips’s dividend payout ratio is currently 190.00%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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