Analysts Expect ConocoPhillips (NYSE:COP) Will Announce Quarterly Sales of $9.46 Billion

Brokerages forecast that ConocoPhillips (NYSE:COP) will announce sales of $9.46 billion for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for ConocoPhillips’ earnings. The highest sales estimate is $9.58 billion and the lowest is $9.35 billion. ConocoPhillips posted sales of $10.17 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 7%. The company is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, October 29th.

According to Zacks, analysts expect that ConocoPhillips will report full-year sales of $37.54 billion for the current financial year, with estimates ranging from $36.37 billion to $38.77 billion. For the next year, analysts expect that the firm will report sales of $39.83 billion, with estimates ranging from $34.86 billion to $49.67 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 released its quarterly earnings data on Tuesday, July 30th. The energy producer reported $1.01 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.02). ConocoPhillips had a return on equity of 15.96% and a net margin of 18.33%. The business had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $9.42 billion. During the same quarter in the previous year, the business posted $1.09 earnings per share. ConocoPhillips’s quarterly revenue was down 9.3% compared to the same quarter last year.

Several brokerages have issued reports on COP. JPMorgan Chase & Co. dropped their target price on ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. UBS Group raised ConocoPhillips from a “neutral” rating to a “buy” rating and raised their target price for the stock from $70.00 to $75.00 in a research report on Monday, September 16th. Barclays began coverage on ConocoPhillips in a research report on Monday, August 19th. They issued an “overweight” rating and a $79.00 target price on the stock. ValuEngine raised ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research raised ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 target price on the stock in a research report on Thursday, July 11th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $74.50.

Several hedge funds have recently bought and sold shares of COP. Nuveen Asset Management LLC lifted its position in shares of ConocoPhillips by 12,704.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 6,385,725 shares of the energy producer’s stock valued at $389,529,000 after buying an additional 6,335,852 shares in the last quarter. BlackRock Inc. lifted its position in shares of ConocoPhillips by 4.0% during the 2nd quarter. BlackRock Inc. now owns 79,994,496 shares of the energy producer’s stock valued at $4,879,663,000 after buying an additional 3,103,095 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of ConocoPhillips by 36.4% during the 2nd quarter. Wells Fargo & Company MN now owns 4,998,770 shares of the energy producer’s stock valued at $304,924,000 after buying an additional 1,335,051 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of ConocoPhillips by 82.7% during the 2nd quarter. Prudential Financial Inc. now owns 2,821,382 shares of the energy producer’s stock valued at $172,104,000 after buying an additional 1,276,955 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its position in shares of ConocoPhillips by 90.5% during the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 2,447,473 shares of the energy producer’s stock valued at $149,297,000 after buying an additional 1,162,943 shares in the last quarter. 71.40% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:COP traded up $0.55 on Friday, hitting $56.43. The stock had a trading volume of 6,807,497 shares, compared to its average volume of 8,082,768. The stock has a market cap of $62.03 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.48 and a beta of 1.05. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $55.29 and its two-hundred day simple moving average is $59.55. ConocoPhillips has a 52-week low of $50.13 and a 52-week high of $74.77.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, October 17th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.98%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, October 16th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.93%.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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