ConocoPhillips’s (NYSE:COP) first-quarter results fell short of estimates. The company reported adjusted earnings of $2.03 per share in the first quarter, compared to adjusted earnings of $2.38 per share in the same period last year. Analysts were expecting earnings of $2.04 per share.
Notably, the oil exploration and production company’s sales and other operating revenues in the first quarter declined by 6.5% year-over-year to $13.8 billion and fell short of Street estimates of $14.9 billion.
However, amidst these challenges, ConocoPhillips exhibited resilience in its operational endeavors. Total company production for the quarter reached 1,902 thousand barrels of oil equivalent per day (MBOED), marking a commendable increase of 110 MBOED from the corresponding period last year.
COP’s Dividend and Q2 Outlook
ConocoPhillips declared an ordinary dividend of $0.58 per share and a variable return of cash (VROC) of $0.20 per share. Both will be payable on June 3 to stockholders of record at the close of business on May 13, 2024.
The company expects its oil production in the second quarter to be in the range of 1.91 to 1.95 million barrels of oil equivalent per day (MBOED).
Is COP Stock a Buy?
Analysts remain bullish about COP stock, with a Strong Buy consensus rating based on 15 Buys and three Holds. Over the past year, COP has increased by more than 25%, and the average COP price target of $144.17 implies an upside potential of 15.9% from current levels. These analyst ratings are likely to change following COP’s Q1 results today.
