에 대한 최신 뉴스 ConocoPhillips (NYSE:COP) 주식

ConocoPhillips

ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.

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파산 블록 TGI 프라이데이스가 텍사스에서 챕터 11 파산 신청을 하며 재정적 구제를 위한 &#34;마지막 선택&#34;을 했다. 애피타이저, 윙 요리 및 칵테일로 유명한 이 레스토랑 체인은 재정 구조를 재편성하고 &#34;미래를 위한 전략적 대안 탐색&#34;을 시도하는 동안 39개의 회사 소유 매장을 계속 운영할 계획이다.

딜 디스패치: TGI 프라이데이스가 파산, BHP가 발언을 철회 등 더 많은 M&amp;A 뉴스

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미국의 에너지 대기업들의 주가가 급등하며 2년 만에 가장 강력한 성과를 기록했다. 이는 이란과 이스라엘 간의 중동에서의 갈등 확대에 대한 우려로 원유 가격이 배럴당 75달러로 상승한 데 따른 것이다.

중동 긴장 고조로 美 에너지 주식은 2년 만에 가장 큰 주간 상승 기록, 엑슨 모빌 최고가 경신

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코노코필립스(NYSE:COP)는 8월 1일 목요일 개장 전에 2분기 실적 결과를 발표할 예정이다. 분석가들은 텍사스주 휴스턴에 본사를 둔 이 회사가 분기별 이익을 전년 동기의 주당 1.84달러에서 증가한 1.96달러로 보고할 것으로 예상하고 있다. Benzinga Pro의 데이터에 따르면 코노코필립스는 분기별 매출이 149억 2천만 달러에 달할 것으로 예상된다.

코노코필립스, 2분기 높은 실적 발표 예상; 월가 분석가들의 최신 예측 변동 사항

Themes ETF Trust Themes Copper Miners ETF

COPAUR MINERALS INC by CopAur Minerals Inc.

CopAur Minerals Inc

OLYMPIO METALS LTD by OLYMPIO METALS LTD.

Melodiol Global Health Ltd

MELODIOL GLOBAL HLTH LTD by MELODIOL GLOBAL HEALTH LTD

Sprott Junior Copper Miners ETF

COOPER ENERGY LTD ORD by Cooper Energy, Ltd.

Amplitude Energy Ltd

Sprott Copper Miners ETF

IDAHO COPPER CORPORATION by Idaho Copper Corporation

Idaho Copper Corp

Global X Copper Miners ETF

Legendary investor Ken Fisher's hedge fund, Fisher Asset Management, grew the value of its portfolio by more than $14 billion dollars <a href="https://www.benzinga.com/personal-finance/24/09/41030896/why-ken-fisher-says-capital-preservation-could-cost-you-big-in-retirement">in the last quarter</a>.
Here's a look at the fund's most significant trades.  
Top Holdings: Fisher Asset Management reported approximately $244 billion in assets under management (AUM), according to an SEC<a href="https://www.sec.gov/Archives/edgar/data/850529/000085052924000012/xslForm13F_X02/primary_doc.xml"> filing</a>. 
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The firm also added small amounts to each of its top five positions: 
<ul>
<li>Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</li>
<li>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</li>
<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</li>
<li>Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and </li>
<li>Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>). </li>
</ul>
Top Buys: Fisher Asset Management's top buy in terms of value was $2.09 billion in shares of the iShares 7-10 Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IEF#NASDAQ">IEF</a>) which provides targeted exposure to U.S. Treasury bonds with remaining maturities between seven and ten years. Treasury bonds are generally considered low-risk investments, which can help balance riskier assets in a diversified portfolio. 
The fund's second and third-largest buys were $850 million in shares of JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) and $490 million worth of shares of oil and natural gas producer ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>). 
Top Sells: The hedge fund's top sells by value were $1.35 billion in shares of the iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LQD#NYSE">LQD</a>), $750 million worth of Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) shares and $710 million in shares of Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>). 
New Holdings: One of the fund's most notable new holdings is Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), a digital banking services provider also backed by Warren Buffett. Fisher Asset management opened a position in Nu Holdings with approximately 7.23 million shares valued at more than $98.7 million.&nbsp;
The hedge fund also took a $28.3 million new position in wealth manager UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) and opened a $17.2 million position in the iShares MSCI China A ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CNYA#BATS">CNYA</a>), which tracks an index composed of Chinese equities available to international investors.
Why It Matters: Hedge funds often use sophisticated investment strategies and have access to extensive research which can provide insights into emerging market trends. Individual investors can track hedge funds for investment ideas, successful strategies or compare their own performance against professional investors.&nbsp;
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Image: Shutterstock

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iShares Trust Barclays 7-10 Year Treasury Bond Fund

MSFT

NVDA

Here's How Billionaire Ken Fisher's Hedge Fund Made $14 Billion Last Quarter

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Shares of oil and gas companies are trading higher After Donald Trump wins the 2024 presidential election.

<h3 class="wp-block-heading">Bankruptcy Block</h3>
TGI Fridays just rang the "last call" for a financial lifeline, filing for Chapter 11 bankruptcy in Texas. Known for its appetizers, wings, and cocktails, the restaurant chain plans to keep its 39 company-owned locations open as it attempts to restructure its finances and <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">&#8220;explore strategic alternatives&#8221; for the future</a>. 
The 56 U.S. franchises and 40 international locations that are independently owned remain unaffected.
Executive Chairman Rohit Manocha attributed the chain's financial woes to the pandemic's aftermath and some dicey capital structure choices. Private equity firm TriArtisan Capital Partners owns TGI Fridays.
<h3 class="wp-block-heading">New On The Block</h3>
Inland Real Estate Income Trust Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/INRE#OTC">INRE</a>) hired BMO Capital Markets Corp. to advise a potential sale process. The real estate trust, which currently has a $395-million market cap, closed Friday in the red, with its shares down 1.35%, trading at $10.95.
BT (LSE: BT) tapped Citigroup to find a buyer for its financial services segment, Radianz, according <a href="https://www.ft.com/content/6fe5e337-18dc-4a32-8e6e-e759a977b490">to</a> the Financial Times.
DigitalBridge Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBRG#NYSE">DBRG</a>) is seeking to sell Brazil&#8217;s Scala Data Centers, for a price tag of $2 billion, <a href="https://www.bloomberg.com/news/articles/2024-10-24/digitalbridge-is-said-to-explore-a-sale-of-scala-data-centers">per</a> Bloomberg.
ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is <a href="https://www.reuters.com/business/energy/conocophillips-explores-sale-permian-shale-assets-worth-over-1-billion-sources-2024-10-30/">auctioning</a> shale assets in the Permian Basin, Reuters reported. The oil giant expects more than $1 billion in proceeds. 
See Also: <a href="https://www.benzinga.com/news/24/11/41698607/kamala-harris-ready-if-trump-decides-to-falsely-declare-victory-we-are-prepared-to-respond">Harris &#8216;Ready&#8217; If Trump Decides To &#8216;Falsely&#8217; Declare Victory: &#8216;We Are Prepared To Respond&#8217;</a>
<h3 class="wp-block-heading">Updates From The Block</h3>
BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) backtracks on <a href="https://www.benzinga.com/news/large-cap/24/11/41684205/bhp-backtracks-its-comments-on-abandoning-anglo-american-deal">comments about having "moved on"</a> from its failed Anglo American Plc. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia, Bloomberg first <a href="https://www.bloomberg.com/news/articles/2024-10-30/bhp-retreats-from-comments-about-moving-on-from-anglo-bid?sref=TBDibEcD">reported</a> this development. 
Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) CFO Vicki Villacrez discussed an ongoing sale process during a recent earnings call. The company, after closing the sale of OneNeck IT Solutions in September, agreed to divest other assets. Those deals are expected to close later this year.
Blackstone is considering a $3.5-billion purchase of minority stakes in interstate natural gas pipelines owned by EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), Reuters reported.
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Deal Dispatch: TGI Fridays Goes Bankrupt, BHP Backtracks Comments And More M&A News

Analysts expressed views on ConocoPhillips&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) <a target="_blank" href="https://www.benzinga.com//node/41653155" rel="noreferrer noopener">mixed third-quarter results.</a>
On Thursday, ConocoPhillips reported an adjusted EPS of $1.78, beating estimates; revenue of $13.6 billion vs. $14 billion expected.
The company boosted its quarterly dividend by 34% to $0.78/share. The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">MMBOED (from 1.93 to 1.94 MMBOED)</a>.
Truist Securities analyst Neal Dingmann expects pro forma FCF to rise substantially due to strong organic performance and additional cash flow from Marathon Oil. The analyst reiterated the <a href="https://www.benzinga.com/quote/cop/analyst-ratings">Buy rating and $138 price target on COP.</a>
With stable prices, ConocoPhillips could potentially repurchase nearly all shares issued to MRO within 6-7 quarters, assuming the dividend remains steady and debt repayment is deprioritized, given the company&#8217;s strong balance sheet, adds the analyst.
The analyst says that ConocoPhillips&#8217; FCF is anticipated to be driven by a balanced portfolio, including Lower 48 activities, LNG projects, and Alaskan operations.
Dingmann revised EBITDAX estimates to $24.988 billion (from $24.719 billion) vs. consensus of $24.443 billion for 2024 and $33.208 billion (from $33.745 billion) vs. estimate of $27.939 billion for 2025.
Scotiabank analyst Paul Y.Cheng expects ConocoPhillips&#8217; (Sector Perform, $115 price target) third-quarter 2024 results to positively influence its near-term share price performance.
The analyst estimates adjusted EPS of $7.40 and EBITDA of $22.912 billion in 2024.
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are down 1.66% at $107.71&nbsp;at the last check Thursday.
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<li><a href="https://www.benzinga.com/news/24/10/41322319/gavin-newsom-approves-new-law-to-tackle-gas-prices-says-oil-industry-raising-prices-to-scare-voters" target="_blank" rel="noreferrer noopener">Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To &#8216;Scare Voters&#8217; Into Supporting Trump</a></li>
</ul>

Analyst Color

Equities

Large Cap

Reiteration

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

OILT

ConocoPhillips-Marathon Synergy Will Boost Free Cash Flow And Stock Buyback: Analyst

Mizuho analyst Nitin Kumar maintains ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) with a Neutral and raises the price target from $129 to $132.

Mizuho Maintains Neutral on ConocoPhillips, Raises Price Target to $132

Susquehanna analyst Biju Perincheril maintains ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) with a Positive and raises the price target from $144 to $148.

Susquehanna Maintains Positive on ConocoPhillips, Raises Price Target to $148

Barclays analyst Betty Jiang maintains ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) with a Overweight and raises the price target from $135 to $137.

Barclays Maintains Overweight on ConocoPhillips, Raises Price Target to $137

Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S. indices <a href="https://www.benzinga.com/markets">in nearly two months.</a>
Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) plummeted over 5% by midday trading in New York, on track for its worst session in two years. Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also declined by over 4% despite a strong quarterly performance, as the social media giant projected &#8220;significant&#8221; capital expenditure growth next year, particularly for AI infrastructure.
The elite &#8220;Magnificent Seven&#8221; tech group shed nearly $500 billion in market capitalization within a single day after reaching a record high of $16.8 trillion. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) are set to report earnings after the market close.
In economic news, inflation sent mixed signals for September. The Personal Consumption Expenditures (PCE) price index slowed as expected to 2.1% annually, while the Fed's preferred inflation measure, the core PCE price index, remained at 2.7% year over year, slightly <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41658542/fed-interest-rate-cuts-expected-but-economists-warn-of-bumpy-course-in-this-last-">above the expected 2.6%.</a>
The S&amp;P 500 dropped 1.4%, and the tech-heavy Nasdaq 100 slid 2.2%, both tracking their worst session since Sept. 6. The CBOE Volatility Index (VIX) surged 12%.
Risk aversion also weighed on commodities, with gold prices dropping 1.7%, marking their worst day since July, and silver plunging 3% after a 2% decline on Wednesday. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slid 2.4%, and crypto-related stocks suffered significant losses. Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) tumbled over 10% on disappointing earnings, eyeing its worst day since May.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,832.30</td>
<td>-0.7%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,213.10</td>
<td>-0.9%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,729.43</td>
<td>-1.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,943.07</td>
<td>-2.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1.5% to $571.51.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.8% to $418.60.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 2.2% to $485.78. </li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $219.65.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1.4%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.4%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
Stocks reacting to corporate earnings were: 
<ul>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), up over 5%, </li>
<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), up 1.7%,</li>
<li>Starbucks Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NYSE">SBUX</a>), down 0.6%, </li>
<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), down over 8%, </li>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), up 1.9%,</li>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), up 24%,</li>
<li>Mastercard Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), down 1.8%, </li>
<li>Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), down 2.8%,</li>
<li>Linde plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>), down 2.9%, </li>
<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), up 2.9%, </li>
<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), down over 11%, </li>
<li>Eaton Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>), down 5%, </li>
<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), up 6%, </li>
<li>Bristo-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), up 3.3%, </li>
<li>Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), up 2.2%, </li>
<li>Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), up 7.6%, </li>
<li>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>), down 9%, </li>
<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), up 3%, </li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), up over 9%. </li>
<li>Cheniere Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>), up over 5%. </li>
</ul>
Large-cap companies slated to report their earnings after the close include Apple Inc, Amazon.com Inc, Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) and Coterra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>).
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Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday?

ConocoPhillips&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) shares are trading higher after the company released&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41648660/conocophillips-announces-third-quarter-2024-results-increases-quarterly-ordinary-dividend-and-exis" rel="noreferrer noopener">third-quarter results</a>.
Here's a breakdown of the&nbsp;report.
<ul>
<li>Revenue of $13.604 billion missed the consensus of $14.018 billion</li>
<li>Adjusted EPS of $1.78<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">, beating the consensus of $1.64</a>. </li>
<li>Operating cash flow stood at $5.8 billion.</li>
<li>$2.9 billion of capital expenditures and investments funded.</li>
<li>$0.9 billion in ordinary dividends and VROC paid.</li>
<li>Repurchased $1.2 billion of shares.</li>
<li>Quarter ended with $7.1 billion in cash and short-term investments and $1.0 billion in long-term investments.</li>
</ul>
Dividend boost: ConocoPhillips raised the quarterly dividend per share by&nbsp;34%&nbsp;to&nbsp;$0.78,&nbsp;payable on December 2, 2024, to stockholders of record as of November 11, 2024.
The Board approved an increase to the company&#8217;s existing share repurchase authorization by up to&nbsp;$20 billion.
Production: The company produced 1,917 thousand barrels of oil equivalent per day (MBOED). That's an increase of 111 MBOED from the same period a year ago.
Lower 48 production averaged 1,147 MBOED, which includes 781 MBOED from the Permian, 246 MBOED from the Eagle Ford, and 107 MBOED from the Bakken assets.
The average realized price fell 10% Y/Y to&nbsp;$54.18 per barrel of oil equivalent (BOE).
<a target="_blank" href="https://static.conocophillips.com/files/resources/3q24-earnings-release-deck.pdf" rel="noreferrer noopener">Outlook</a>: ConocoPhillips projects&nbsp;third-quarter&nbsp;production of 1.99-2.03 million barrels of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">oil equivalent per day (MMBOED)</a>.
The company raised the&nbsp;outlook&nbsp;for FY24 production to 1.94-1.95 MMBOED (from 1.93 to 1.94 MMBOED).
ConocoPhillips reiterated capital expenditures<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40099637/mixed-bag-for-conocophillips-q3-production-gains-amidst-earnings-pressure" rel="noreferrer noopener"> guidance&nbsp;at about&nbsp;$11.5 billion</a>.
Ryan Lance, chairman and chief executive&nbsp;officer, said, &#8220;We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance.&#8221;
Investors can gain exposure to the COP stock via&nbsp;Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>)&nbsp;and&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: COP shares are up 2.95% at $106.02 premarket at the last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41322319/gavin-newsom-approves-new-law-to-tackle-gas-prices-says-oil-industry-raising-prices-to-scare-voters" target="_blank" rel="noreferrer noopener">Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To &#8216;Scare Voters&#8217; Into Supporting Trump</a></li>
</ul>

Guidance

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ConocoPhillips Q3 Earnings: EPS Beat, Dividend Boost, Buyback Expansion & More

ConocoPhillips shares are trading higher after the company reported better-than-expected Q3 earnings. It also raised quarterly dividend by 34% and increased stock buyback authorization by $20B.

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) reported quarterly earnings of $1.78 per share which beat the analyst consensus estimate of $1.64 by 8.54 percent. This is a 17.59 percent decrease over earnings of $2.16 per share from the same period last year. The company reported quarterly sales of $13.604 billion which missed the analyst consensus estimate of $14.018 billion by 2.95 percent. This is a 8.49 percent decrease over sales of $14.866 billion the same period last year.

Earnings Beats

Earnings Misses

ConocoPhillips Q3 2024 Adj. EPS $1.78 Beats $1.64 Estimate, Sales $13.604B Miss $14.018B Estimate

The Board of Directors approved an increase to the company's existing share repurchase authorization by up to $20 billion.

ConocoPhillips Board Raised Stock Buyback Authorization By Up To $20B

Quarterly dividend and share repurchase authorization increase
ConocoPhillips declared a fourth-quarter ordinary dividend of $0.78 per share payable Dec. 2, 2024, to stockholders of record at the close of business on Nov. 11, 2024.

ConocoPhillips Raises Qtrly Dividend by 34% To $0.78/Share From $0.58 Prior

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) reported quarterly earnings of $1.78 per share which beat the analyst consensus estimate of $1.64 by 8.54 percent. This is a 17.59 percent decrease over earnings of $2.16 per share from the same period last year.

ConocoPhillips Q3 2024 Adj. EPS $1.78 Beats $1.64 Estimate

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Shares of oil and oil-related companies are trading lower after Israel reportedly did not damage Iran's oil sites amid strikes over the weekend.

Live On CNBC, Bill Baruch Announces Sold ConocoPhillips; Bought Schlumberger N.V.

Throughout the last three months, 16 analysts have evaluated ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), offering a diverse set of opinions from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated ConocoPhillips and provided 12-month price targets. The average target is $138.56, accompanied by a high estimate of $153.00 and a low estimate of $115.00. This current average represents a 4.93% decrease from the previous average price target of $145.75. 
<img src="https://www.benzinga.com/files/images/story/2024/1729260038_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A comprehensive examination of how financial experts perceive ConocoPhillips is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$144.00</td>
<td>$147.00</td>
</tr>
<tr>
<td>Arun Jayaram</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$126.00</td>
<td>$139.00</td>
</tr>
<tr>
<td>Paul Cheng</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$115.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Phillip Jungwirth</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$125.00</td>
<td>$123.00</td>
</tr>
<tr>
<td>Betty Jiang</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$135.00</td>
<td>$156.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$138.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$132.00</td>
<td>$150.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$140.00</td>
<td>$153.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$129.00</td>
<td>$132.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$140.00</td>
<td>$140.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$147.00</td>
<td>$154.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$153.00</td>
<td>$151.00</td>
</tr>
<tr>
<td>Josh Silverstein</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$151.00</td>
<td>$159.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$150.00</td>
<td>$151.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$145.00</td>
<td>$147.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$147.00</td>
<td>$165.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to ConocoPhillips. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of ConocoPhillips compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of ConocoPhillips's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of ConocoPhillips's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/COP/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on ConocoPhillips analyst ratings.</a>
<h2>Unveiling the Story Behind ConocoPhillips</h2>
ConocoPhillips is a US-based independent exploration and production firm. In 2023, it produced 1.2 million barrels per day of oil and natural gas liquids and 3.1 billion cubic feet per day of natural gas, primarily from Alaska and the Lower 48 in the United States and Norway in Europe and several countries in Asia-Pacific and the Middle East. Proven reserves at year-end 2023 were 6.8 billion barrels of oil equivalent.
<h3>ConocoPhillips's Economic Impact: An Analysis</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Positive Revenue Trend: Examining ConocoPhillips's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 10.27% as of 30 June, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Energy sector.
Net Margin: ConocoPhillips's net margin is impressive, surpassing industry averages. With a net margin of 17.05%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): ConocoPhillips's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 4.69% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): ConocoPhillips's ROA stands out, surpassing industry averages. With an impressive ROA of 2.43%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.37.
<h2>Analyst Ratings: Simplified</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
Breaking: Wall Street's Next Big Mover
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;utm_source=benzinga-insights">Click here for urgent details</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What Analysts Are Saying About ConocoPhillips Stock

Susquehanna analyst Biju Perincheril maintains ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) with a Positive and lowers the price target from $147 to $144.

Susquehanna Maintains Positive on ConocoPhillips, Lowers Price Target to $144

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Shares of energy stocks are trading lower as oil prices fall after Israel reportedly indicated it could target military sites in Iran but not oil or nuclear targets.

In a bid to control escalating gas prices, California Governor Gavin Newsom (D) has signed into law a bill that empowers his administration to regulate the state&#8217;s dwindling oil refineries. The move underscores California&#8217;s ongoing battle with affordability.
What Happened: Newsom approved the ABX 2 1 bill. The legislation mandates oil companies to prevent price surges due to maintenance issues and low supplies. The signing of the bill marks a decline in the political clout of Big Oil in California, a state actively transitioning from fossil fuels to renewable energy sources, <a href="https://www.politico.com/news/2024/10/14/gavin-newsom-law-gas-prices-00183615">reported</a> Politico.
&#8220;They have been raking in unprecedented profits because they can,&#8221; said Newsom, according to the report. The governor said that the proposal was not about politics, but took the opportunity to take a potshot at Republican Presidential candidate Donald Trump. He said the industry was raising gas prices to &#8220;scare voters&#8221; into backing the ex-president.
Western States Petroleum Association CEO Cathy Reheis-Boyd said about the move by California, &#8220;For those ready to stop playing politics, we welcome the opportunity to address the real issues driving fuel prices higher for Californians and their families.&#8221;
Western States Petroleum Association includes companies such as ExxonMobil, Marathon Petroleum, and HFSinclair. 
See Also: <a href="https://www.benzinga.com/news/24/10/41303300/mary-trump-because-donald-is-a-world-class-hypocrite-it-turns-out-his-interviews-have-been-edited?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump: &#8216;Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited&#8217;</a>
Set to come into effect in January, the law aims to curb price spikes that have seen the state&#8217;s average gas price exceed $6 per gallon in the past two years. It authorizes the California Energy Commission to require refiners to store more gas and share resupply plans with the state.
Why It Matters: The new law comes in the wake of rising concerns over gasoline prices in California. In September 2023, Tai Milder, the director of California&#8217;s Division of Petroleum Market Oversight, <a href="https://www.benzinga.com/government/23/09/34914870/california-faces-rising-gasoline-prices-division-of-petroleum-market-oversight-raises-concerns">expressed concerns</a> over some refineries&#8217; failure to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls.
Furthermore, the state has been taking legal action against major oil companies. Last year, California <a href="https://www.benzinga.com/markets/equities/23/09/34649658/california-sues-exxon-shell-and-bp-over-shameful-deception-sickens-you-to-your-core">initiated a lawsuit</a> against Exxon Mobil Corporation, Shell PLC, BP P.L.C., ConocoPhillips, Chevron Corporation, and the American Petroleum Institute. The state accused these companies of concealing the dangers of fossil fuels for decades, leading to significant climate change-related damages.
Image via Shutterstock
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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The outlook for oil demand growth appears promising despite economic uncertainties and worldwide supply deficit. Amid this, investing in quality oil stocks Enterprise Products Partners (EPD), Marathon Oil (MRO), and Plains All American Pipeline (PAA) could be ideal as global demand rebounds. Read more... Amid the concerning market conditions caused by the Middle East tensions, crude oil prices are projected to hike strongly in the coming period. This is due to the current supply deficit and increasing withdrawals from oil inventories, pushing prices to record levels and causing high volatility and uncertainties.
Given the industry tailwinds, it could be wise to buy fundamentally solid oil stocks Enterprise Products Partners L.P. (<a href="https://stocknews.com/stock/EPD/">EPD</a>), Marathon Oil Corporation (<a href="https://stocknews.com/stock/MRO/">MRO</a>), and Plains All American Pipeline, L.P. (<a href="https://stocknews.com/stock/PAA/">PAA</a>) with high upside potential.
The Organization of Petroleum Exporting Countries (OPEC) maintained its bullish view on global oil demand growth in its recent <a href="https://www.cnbc.com/2024/09/24/opec-is-bullish-on-long-term-oil-demand-growth-not-everyone-agrees.html">World Oil Outlook for 2024</a>, forecasting robust growth as far ahead as 2050. The oil producer group predicted strong energy demand growth of 24% globally between 2024 and 2050.
The organization also forecasted robust medium-term growth in oil demand, totaling over 112.3 million barrels per day in 2029, indicating an increase of 10.1 million barrels per day as compared to 2023.
This indication was further supported by predictions from the <a href="https://www.reuters.com/business/energy/us-eia-lifts-oil-demand-forecast-says-prices-will-recover-above-80bbl-2024-09-10/">U.S. Energy Information Administration (EIA)</a> on global oil demand. According to EIA, demand will expand at a higher pace, reaching new record levels this year. The ongoing supply restraints will result in increased withdrawals of oil from global stockpiles, likely to further Brent crude prices back above $80 a barrel.
Besides, concerns over declines in oil inventories and OPEC+ members' decision to delay production increases until December 2024 are majorly affecting the market. The <a href="https://www.eia.gov/outlooks/steo/report/global_oil.php">Brent spot price increased to $79/b on October 4</a>, reflecting a surge of 11% from a week earlier.
Given the industry's bright prospects, investing in fundamentally strong energy stocks EPD, MRO, and PAA could be wise.
Let's discuss the fundamentals of these stocks in detail:
Enterprise Products Partners L.P. (<a href="https://stocknews.com/stock/EPD/">EPD</a>)
EPD provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines &amp; Services; Crude Oil Pipelines &amp; Services; Natural Gas Pipelines &amp; Services; and Petrochemical &amp; Refined Products Services.
On October 29, EPD announced the completion of the second phase of its Texas Western Products system. Located in Grand County, Utah, the facility is a refined products truck terminal serving the Grand Junction, Colorado, and Moab, Utah, areas. It has a storage capacity of 400,000 barrels for gasoline and diesel and can load trucks at a rate of up to 20,000 bpd.
On October 28, EPD completed its previously announced acquisition of Piñon Midstream, LLC. EPD purchased Piñon Midstream for $950 million in cash consideration as part of a debt-free transaction.
The assets acquired under the transaction, including natural gas gathering and treating services, will expand EPD's footprint in the eastern flank of the prolific Delaware Basin of Texas and New Mexico.
During the third quarter of 2024, which ended on September 30, 2024, EPD's total revenues increased 14.8% year-over-year to $13.78 billion. Its operating income rose 5% year-over-year to $1.78 billion. The company's net income attributable to common unitholders amounted to $1.42 billion or $0.65 per unit, up 7.5% and 8.3% from the prior year's quarter, respectively.
Furthermore, the company's adjusted <a href="https://www.investopedia.com/terms/e/ebitda.asp">EBITDA</a> rose 4.9% from the year-ago value to $2.44 billion.
The consensus revenue estimate of $14.85 billion for the first quarter (ending March 2025) represents a 0.6% increase year-over-year. The consensus EPS estimate of $0.70 for the same quarter indicates a 3.8% improvement year-over-year. Moreover, the company surpassed the consensus revenue estimates in three of the trailing four quarters.
EPD's stock has gained 1.9% over the past six months and 10.2% over the past year to close the last trading session at $29.14. Wall Street analysts expect the stock to hit $34 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/epd/forecast">upside of 16.80%</a>.
EPD's solid fundamentals are reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. It has an overall rating of B, which equates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
EPD has a B grade for Growth, Value, Momentum, and Stability. It is ranked #6 out of 23 stocks in the A-rated <a href="https://stocknews.com/category/oil-gas-mlps/">MLPs – Oil &amp; Gas</a> industry.
In addition to the POWR Ratings we've stated above, we also have EPD ratings for Sentiment and Quality. Get all EPD ratings <a href="https://stocknews.com/stock/EPD/">here</a>.
Marathon Oil Corporation (<a href="https://stocknews.com/stock/MRO/">MRO</a>)
MRO is an independent exploration and production company that engages in international exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas. It also produces and markets products manufactured from natural gas, like liquefied natural gas and methanol.
On August 29, MRO received the necessary stockholder approval for its pending merger with ConocoPhillips (<a href="https://stocknews.com/stock/COP/">COP</a>). The companies will continue the transaction to close late in the fourth quarter of 2024.
On July 31, MRO's Board of Directors declared a dividend of $0.11 per share on the company's common stock. The dividend was paid on September 10, 2024, to stockholders of record on August 21, 2024.
MRO's annual dividend of $0.44 translates to a yield of 1.69% at the current share price. Its four-year average dividend yield is 1.25%. And the company's dividend payouts have increased at a CAGR of 43.2% over the past three years.
During the second quarter that ended June 30, 2024, MRO's total revenues and other income increased 12.8% year-over-year to $1.71 billion. Its income from operations grew 15.2% from the year-ago value to $523 million. The company's adjusted net income came in at $357 million and $0.63 per share, up 21% and 31.2% from the prior year's quarter, respectively.
Also, the company's adjusted free cash flow was $364 million for the period.
Analysts expect MRO's revenue and EPS for the first quarter (ending March 2025) to grow 5% and 2.7% year-over-year to $1.63 billion and $0.56, respectively. Also, the company topped the consensus EPS estimates in three of the four trailing quarters.
Shares of MRO have plunged 6.6% over the past six months to close the last trading session at $16.93. Wall Street analysts expect the stock to hit $30.54 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/mro/forecast">upside of 17.69%</a>.
MRO's POWR Ratings reflect its robust outlook. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
The stock has a B grade for Quality. Within the <a href="https://stocknews.com/category/energy-oil-gas/">Energy – Oil &amp; Gas</a> industry, MRO is ranked #21 on the list of 81 stocks.
<a href="https://stocknews.com/stock/MRO/">Click here</a> to access additional ratings of MRO for Sentiment, Growth, Value, Momentum, and Stability.
Plains All American Pipeline, L.P. (<a href="https://stocknews.com/stock/PAA/">PAA</a>)
PAA engages in the pipeline transportation, terminaling, storage, and gathering crude oil and natural gas liquids (NGL). The company operates through two segments: Crude Oil and NGL.
On October 2, PAA and Plains GP Holdings (<a href="https://stocknews.com/stock/PAGP/">PAGP</a>) announced their quarterly distributions for the third quarter of 2024 in the following manner: PAA Common Units – $0.32 per unit, PAGP class A shares – $0.32 per share, PAA series A preferred units – $0.61 per unit, and PAA series B preferred units - $24.25 per unit.
PAA pays an annual distribution of $1.27, which translates to a yield of 7.58% at the current share price. Its four-year average dividend yield is 7.26%. Moreover, the company's dividend payouts have increased at a CAGR of 19.2% over the past three years.
PAA's revenues increased 11.5% year-over-year to $12.93 billion for the second quarter that ended June 30, 2024. Adjusted net income attributable to PAA was $288 million, or $0.31 per common unit, indicating increases of 18.5% and 24% from the prior year's quarter, respectively.
In addition, the company's adjusted EBITDA rose 15.3% year-over-year to $807 million.
Analysts expect PAA's revenue for the third quarter (ended September 2024) to increase 8.3% year-over-year to $13.07 billion. The company's revenue for the fiscal year 2024 is expected to increase 6.1% year-over-year to $51.70 billion. Furthermore, the company surpassed the consensus EPS estimates in three of the trailing four quarters.
PAA's stock has surged 12.4% over the past year to close the last trading session at $16.76. Wall Street analysts expect the stock to hit $19.14 in the near term, indicating a potential <a href="https://www.tipranks.com/stocks/paa/forecast">upside of 15.14%</a>.
PAA's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system.
It has an A grade for Growth. It also has a B grade for Value, Momentum, and Stability. PAA is ranked #5 among 23 stocks in the A-rated MLPs – Oil &amp; Gas industry.
<a href="https://stocknews.com/stock/PAA/">Click here</a> to access PAA's ratings for Sentiment and Quality.
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EPD shares rose $0.07 (+0.24%) in after-hours trading Tuesday. Year-to-date, EPD has gained 16.65%, versus a 23.55% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/epd-mro-paa-pagp-cop-3-oil-stocks-with-high-upside-as-global-demand-rebounds/>3 Oil Stocks With High Upside as Global Demand Rebounds</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

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ConocoPhillips

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