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ConocoPhillips COP

Morningstar Rating
$112.45 +0.41 (0.37%)
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Company Report

ConocoPhillips Earnings: Shareholder Payouts to Fall in 2024, but Investment Case Intact

ConocoPhillips reported adjusted earnings decreased to $2.9 billion in the fourth quarter, compared with $3.4 billion a year earlier, largely on lower prices but offset by higher volumes. Following its three-tier capital return framework, it paid out $1.4 billion in dividends and variable return of cash and repurchased $1.1 billion in shares. The company also announced it plans to return $9 billion to shareholders in 2024, implying a 6.7% yield. This marks a decrease from the $11 billion distributed in 2023 but is a function of the expectation for lower prices and the company’s variable distribution framework.

Price vs Fair Value

COP is trading at a 11% premium.
Price
$112.04
Fair Value
$884.00
Uncertainty
High
1-Star Price
$391.71
5-Star Price
$81.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

A large position in the Permian offers low-cost liquids growth with wider margins, lower risk, and higher returns than international operations.

Bears

Conoco is investing to reduce emissions, but not to diversify its business away from hydrocarbons, potentially risking future value destruction if demand declines faster than expected.

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News

Trading Information

Previous Close Price
$112.04
Day Range
$112.03112.85
52-Week Range
$91.73127.33
Bid/Ask
$112.46 / $112.52
Market Cap
$132.33 Bil
Volume/Avg
390,226 / 6.3 Mil

Key Statistics

Price/Earnings (Normalized)
12.76
Price/Sales
2.41
Dividend Yield (Trailing)
2.20%
Dividend Yield (Forward)
2.20%
Total Yield
6.34%

Company Profile

ConocoPhillips is a U.S.-based independent exploration and production firm. In 2022, 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 2022 were 6.6 billion barrels of oil equivalent.
Sector
Energy
Industry
Oil & Gas E&P
Stock Style Box
Large Value
Total Number of Employees
9,900

Competitors

Valuation

Metric
COP
MRO
APA
Price/Earnings (Normalized)
12.768.616.17
Price/Book Value
2.681.243.42
Price/Sales
2.412.291.12
Price/Cash Flow
6.333.502.61
Price/Earnings
COP
MRO
APA

Financial Strength

Metric
COP
MRO
APA
Quick Ratio
1.210.330.71
Current Ratio
1.430.401.02
Interest Coverage
15.946.559.79
Quick Ratio
COP
MRO
APA

Profitability

Metric
COP
MRO
APA
Return on Assets (Normalized)
11.43%7.88%10.22%
Return on Equity (Normalized)
22.08%13.87%131.66%
Return on Invested Capital (Normalized)
16.85%10.78%21.40%
Return on Assets
COP
MRO
APA
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FANG
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DVN
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MRO
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APA
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AR
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