ConocoPhillips (NYSE:COP) Expected to Announce Quarterly Sales of $9.46 Billion

Brokerages expect that ConocoPhillips (NYSE:COP) will report $9.46 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for ConocoPhillips’ earnings, with the highest sales estimate coming in at $9.58 billion and the lowest estimate coming in at $9.35 billion. ConocoPhillips reported sales of $10.17 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 7%. The business is scheduled to announce its next 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 fiscal year, with estimates ranging from $36.37 billion to $38.77 billion. For the next financial 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 analysts that that provide coverage for ConocoPhillips.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Tuesday, July 30th. The energy producer reported $1.01 EPS for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.02). The company had revenue of $8.38 billion for the quarter, compared to analyst estimates of $9.42 billion. ConocoPhillips had a net margin of 18.33% and a return on equity of 15.96%. The business’s revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 EPS.

A number of brokerages recently weighed in on COP. ValuEngine upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley cut their target price on ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Mizuho raised ConocoPhillips from a “neutral” rating to a “buy” rating and upped their target price for the company from $74.00 to $80.00 in a research report on Wednesday, June 26th. Barclays assumed 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. Finally, JPMorgan Chase & Co. cut 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. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $74.50.

Several institutional investors have recently made changes to their positions in COP. Vanguard Group Inc. lifted its stake in ConocoPhillips by 0.3% during the second quarter. Vanguard Group Inc. now owns 90,335,159 shares of the energy producer’s stock worth $5,510,444,000 after purchasing an additional 269,794 shares during the last quarter. BlackRock Inc. lifted its position in ConocoPhillips by 4.0% in the 2nd quarter. BlackRock Inc. now owns 79,994,496 shares of the energy producer’s stock valued at $4,879,663,000 after acquiring an additional 3,103,095 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of ConocoPhillips by 5.7% during the 2nd quarter. Macquarie Group Ltd. now owns 11,246,886 shares of the energy producer’s stock worth $686,060,000 after buying an additional 602,772 shares in the last quarter. Invesco Ltd. raised its holdings in shares of ConocoPhillips by 8.6% in the 2nd quarter. Invesco Ltd. now owns 9,448,755 shares of the energy producer’s stock worth $576,376,000 after purchasing an additional 749,531 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ConocoPhillips by 3.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,411,179 shares of the energy producer’s stock worth $391,082,000 after purchasing an additional 237,116 shares during the period. 71.40% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips stock traded up $1.17 during midday trading on Friday, reaching $55.07. 181,181 shares of the company traded hands, compared to its average volume of 6,664,684. The firm has a market capitalization of $59.39 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05. The business has a 50 day moving average of $55.22 and a two-hundred day moving average of $59.67. ConocoPhillips has a 12 month low of $50.13 and a 12 month high of $79.96. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 1.64.

The firm also recently disclosed 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 is an increase from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, October 16th. This represents a $1.68 annualized dividend and a yield of 3.05%. ConocoPhillips’s payout ratio 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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Earnings History and Estimates for ConocoPhillips (NYSE:COP)

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