ConocoPhillips (NYSE:COP) Increases Dividend to $0.78 Per Share

ConocoPhillips (NYSE:COP) announced a quarterly dividend on Thursday, October 31st, RTT News reports. Stockholders of record on Monday, November 11th will be given a dividend of 0.78 per share by the energy producer on Monday, December 2nd. This represents a $3.12 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58.

ConocoPhillips has increased its dividend payment by an average of 7.7% per year over the last three years. ConocoPhillips has a payout ratio of 28.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect ConocoPhillips to earn $8.62 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 26.9%.

ConocoPhillips Stock Up 6.4 %

COP stock opened at $109.54 on Friday. The company has a market cap of $127.20 billion, a price-to-earnings ratio of 12.21, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a fifty day moving average price of $108.01 and a 200 day moving average price of $113.17. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the company earned $1.84 earnings per share. The business’s revenue was up 9.7% compared to the same quarter last year. Sell-side analysts expect that ConocoPhillips will post 7.76 earnings per share for the current year.

Insider Transactions at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares in the company, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Sanford C. Bernstein decreased their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Barclays dropped their price objective on shares of ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Truist Financial reduced their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, StockNews.com lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $136.94.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.