ConocoPhillips (NYSE:COP) Plans Dividend Increase – $0.93 Per Share

ConocoPhillips (NYSE:COP) announced a quarterly dividend on Thursday, November 5th. Shareholders of record on Monday, November 16th will be paid a dividend of $0.93 per share by the energy producer on Tuesday, December 1st. This represents a $3.72 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, November 16th. This is a 10.7% increase from ConocoPhillips’s previous quarterly dividend of $0.84.

ConocoPhillips has increased its dividend payment by an average of 0.1% annually over the last three years. ConocoPhillips has a dividend payout ratio of 47.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect ConocoPhillips to earn $11.29 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 29.8%.

ConocoPhillips Stock Performance

Shares of COP opened at $135.55 on Friday. The company has a 50-day simple moving average of $136.78 and a two-hundred day simple moving average of $121.90. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The firm has a market capitalization of $162.84 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.29 and a beta of 0.16. ConocoPhillips has a one year low of $85.57 and a one year high of $154.28.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.05 by $0.22. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.59 billion. During the same quarter in the prior year, the business earned $1.61 EPS. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. On average, analysts anticipate that ConocoPhillips will post 11.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COP. Wells Fargo & Company lifted their price target on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Jefferies Financial Group increased their price objective on ConocoPhillips from $159.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Wall Street Zen raised ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. William Blair assumed coverage on shares of ConocoPhillips in a report on Wednesday, October 28th. They set a “market perform” rating on the stock. Finally, Piper Sandler initiated coverage on shares of ConocoPhillips in a research report on Tuesday, October 27th. They issued a “neutral” rating and a $157.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $145.21.

ConocoPhillips Company Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.