Brokerages Expect ConocoPhillips (COP) Will Announce Quarterly Sales of $9.50 Billion

Wall Street analysts expect ConocoPhillips (NYSE:COP) to post $9.50 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for ConocoPhillips’ earnings, with the highest sales estimate coming in at $9.89 billion and the lowest estimate coming in at $9.03 billion. ConocoPhillips reported sales of $7.20 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 31.9%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Thursday, October 25th.

On average, analysts expect that ConocoPhillips will report full year sales of $37.36 billion for the current year, with estimates ranging from $36.65 billion to $38.36 billion. For the next financial year, analysts forecast that the company will post sales of $40.01 billion, with estimates ranging from $37.23 billion to $42.92 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover ConocoPhillips.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.01. The company had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.79 billion. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. During the same period last year, the business earned $0.14 EPS.

Several research analysts have recently commented on the stock. Goldman Sachs Group lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Morgan Stanley lowered shares of ConocoPhillips to a “hold” rating in a report on Tuesday, October 2nd. Citigroup lifted their price target on shares of ConocoPhillips from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 5th. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a report on Monday, October 8th. Finally, Royal Bank of Canada lowered shares of ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 price target for the company. in a report on Thursday, September 20th. They noted that the move was a valuation call. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $74.05.

COP stock traded up $1.34 during mid-day trading on Friday, hitting $73.83. 6,286,271 shares of the company were exchanged, compared to its average volume of 6,496,395. ConocoPhillips has a twelve month low of $48.97 and a twelve month high of $80.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. 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 announced that its board has approved a share repurchase program on Thursday, July 12th that authorizes the company to buyback $9.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to repurchase up to 10.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be given a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.65%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, October 12th. ConocoPhillips’s payout ratio is 190.00%.

In other news, VP Glenda Mae Schwarz sold 18,882 shares of ConocoPhillips stock in a transaction that occurred 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 transaction, the vice president now owns 29,064 shares of the company’s stock, valued at approximately $2,067,903.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Ryan Michael Lance sold 160,064 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $72.07, for a total transaction of $11,535,812.48. Following the completion of the transaction, the chairman now directly owns 106,312 shares in the company, valued at approximately $7,661,905.84. The disclosure for this sale can be found here. Insiders have sold a total of 288,378 shares of company stock worth $20,769,145 over the last 90 days. 0.88% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Canton Hathaway LLC acquired a new position in shares of ConocoPhillips in the 3rd quarter worth approximately $348,000. Lau Associates LLC grew its stake in shares of ConocoPhillips by 44.7% in the 3rd quarter. Lau Associates LLC now owns 79,344 shares of the energy producer’s stock worth $6,141,000 after purchasing an additional 24,500 shares during the last quarter. Bank of Montreal Can grew its stake 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 worth $450,923,000 after purchasing an additional 2,940,689 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV grew its stake in shares of ConocoPhillips by 1.9% in the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 52,222 shares of the energy producer’s stock worth $4,042,000 after purchasing an additional 962 shares during the last quarter. Finally, Pittenger & Anderson Inc. grew its stake in shares of ConocoPhillips by 20.4% in the 3rd quarter. Pittenger & Anderson Inc. now owns 4,725 shares of the energy producer’s stock worth $366,000 after purchasing an additional 800 shares during the last quarter. 71.29% of the stock is currently owned by institutional investors.

ConocoPhillips Company Profile

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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Earnings History and Estimates for ConocoPhillips (NYSE:COP)

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