Zacks: Analysts Expect ConocoPhillips (COP) Will Announce Quarterly Sales of $9.49 Billion

Analysts forecast that ConocoPhillips (NYSE:COP) will announce sales of $9.49 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for ConocoPhillips’ earnings, with the lowest sales estimate coming in at $8.99 billion and the highest estimate coming in at $9.89 billion. ConocoPhillips reported sales of $7.20 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 31.8%. The business is expected to announce its next quarterly earnings report on Thursday, October 25th.

According to Zacks, analysts expect that ConocoPhillips will report full year sales of $37.09 billion for the current fiscal year, with estimates ranging from $35.33 billion to $38.36 billion. For the next year, analysts anticipate that the firm will post sales of $39.00 billion per share, with estimates ranging from $37.23 billion to $42.92 billion. Zacks’ sales calculations are an average based on a survey of research analysts that follow ConocoPhillips.

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

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their price target on ConocoPhillips from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. BMO Capital Markets lifted their price objective on ConocoPhillips from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, July 27th. Sanford C. Bernstein raised ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $82.00 price objective on the stock in a research note on Friday, June 8th. Morgan Stanley lifted their price objective on ConocoPhillips from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Finally, Zacks Investment Research raised ConocoPhillips from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a research note on Thursday, August 23rd. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $71.90.

In other ConocoPhillips news, 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 sale, the chairman now directly owns 106,312 shares in the company, valued at approximately $7,661,905.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Don E. Jr. Wallette sold 59,432 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $71.87, for a total value of $4,271,377.84. Following the sale, the insider now owns 83,047 shares in the company, valued at $5,968,587.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 269,496 shares of company stock worth $19,425,690. Company insiders own 0.88% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. IFM Investors Pty Ltd increased its holdings in shares of ConocoPhillips by 43.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 53,405 shares of the energy producer’s stock valued at $3,718,000 after acquiring an additional 16,060 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of ConocoPhillips by 7.5% in the 2nd quarter. Synovus Financial Corp now owns 50,552 shares of the energy producer’s stock valued at $3,511,000 after acquiring an additional 3,517 shares during the last quarter. Frontier Investment Mgmt Co. increased its holdings in shares of ConocoPhillips by 17.2% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 6,006 shares of the energy producer’s stock valued at $418,000 after acquiring an additional 882 shares during the last quarter. Barings LLC increased its holdings in shares of ConocoPhillips by 29.8% in the 2nd quarter. Barings LLC now owns 75,939 shares of the energy producer’s stock valued at $5,287,000 after acquiring an additional 17,442 shares during the last quarter. Finally, Calamos Advisors LLC increased its holdings in shares of ConocoPhillips by 0.5% in the 2nd quarter. Calamos Advisors LLC now owns 399,086 shares of the energy producer’s stock valued at $27,784,000 after acquiring an additional 2,042 shares during the last quarter. Institutional investors own 71.29% of the company’s stock.

NYSE:COP traded down $0.32 during mid-day trading on Friday, reaching $70.22. The company’s stock had a trading volume of 4,369,200 shares, compared to its average volume of 6,560,670. The company has a current ratio of 1.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.48. ConocoPhillips has a twelve month low of $44.10 and a twelve month high of $74.43. The firm has a market cap of $84.83 billion, a price-to-earnings ratio of 117.03, a PEG ratio of 1.88 and a beta of 1.24.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Monday, July 23rd were issued a dividend of $0.285 per share. The ex-dividend date was Friday, July 20th. This represents a $1.14 annualized dividend and a dividend yield of 1.62%. ConocoPhillips’s payout ratio is currently 190.00%.

ConocoPhillips announced that its Board of Directors has approved a stock repurchase plan on Thursday, July 12th that authorizes the company to buyback $9.00 billion in outstanding shares. This buyback authorization authorizes the energy producer to purchase up to 10.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

About ConocoPhillips

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate and Other.

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