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Earnings Preview: ConocoPhillips (NYSE: COP)
By: 24/7 Wall St. | August 2, 2022

• Here are previews of four earnings reports due out before U.S. markets open Thursday morning.

ConocoPhillips

Over the past 12 months, shares of ConocoPhillips (NYSE: COP) have added about 71.2% to their value. As with both Chevron and Exxon Mobil, the rise in the share price of the country’s largest independent oil and gas producer is closely tied to the rising price of oil. The company spent about $5.9 million on lobbying in the first half of this year, more than it has spent annually since 2011. Much of the spending was directed at opening Alaska’s National Petroleum Reserve to drilling.

There are 27 brokerages covering the company and 23 have ratings of Buy or Strong Buy on the stock. The rest rate the stock a Hold. At a current price of around $94.90, the upside potential based on a median price target of $123.00 is about 29.6%. At the high price target of $148.00, the upside potential is about 56%.

For the second quarter, analysts are expecting revenue of $19.71 billion, up 17.7% sequentially and 93% year over year. Adjusted EPS is expected to come in at $3.85, up 41.7% sequentially and 203% year over year. For the full 2022 fiscal year, Conoco is expected to report EPS of $14.89, up 147.8%, on sales of $77.26 billion, up 59.8%.

Conoco stock trades at a multiple of 6.4 times expected 2022 EPS, 7.1 times estimated 2023 earnings of $13.37, and 9.1 times estimated 2024 earnings of $10.41 per share. The stock’s 52-week range is $51.41 to $124.08. The company pays an annual dividend of $1.92 (yield of 1.97%). The total shareholder return for the past 12 months was 76.7%.

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