COP Stock Alert: 3 Major Takeaways From ConocoPhillips’ Q3 Earnings

  • ConocoPhillips (COP) just reported third-quarter earnings with a profit beat.
  • The company is also increasing its dividend and its share repurchase program.
  • COP stock is up 5% today as traders cheer on these developments.
a sign in front of the Conoco Philips office building
Source: JHVEPhoto /

A fresh earnings report is giving ConocoPhillips (NYSE:COP) stock traders a triple-threat of bullish news today. Not only did ConocoPhillips post an earnings beat, but the energy firm also announced plans to raise its dividend payout. In case that’s not enough, ConocoPhillips will also ramp up its share buyback program.

The major stock market indices were all down this morning, but that didn’t bother COP stock shareholders at all. They were too busy pouring over the energy firm’s third-quarter earnings results to worry about broad-market weakness.

While ConocoPhillips didn’t report its revenue for the quarter, the company did announce Q3 2022 adjusted earnings of $3.60 per share. This figure demonstrates marked year-over-year (YOY) improvement over the $1.77 per share seen in Q3 2021. The EPS also beat Wall Street’s estimate for $3.41 per share.

Furthermore, Chairman and CEO Ryan Lance observed that ConocoPhillips was particularly productive during Q3. “Our Lower 48 business unit accomplished record production of more than 1 million barrels of oil equivalent per day,” stated Lance in the report.

What’s Happening With COP Stock?

No doubt, these data points are helping push COP stock 5% higher today. Yet, there are other positive news items for ConocoPhillips besides the earnings and production results.

First of all, ConocoPhillips hiked its quarterly dividend to 51 cents per share, representing an 11% increase. Hence, more income-focused investors may start to take an interest in shares of COP. But that’s not all.

Any buyback aficionados out there? If so, you’ll be glad to know that the company increased its share repurchase authorization by $20 billion. With that, ConocoPhillips’ share repurchase program will grow to $45 billion.

Share buybacks are often a good sign, as self-investment can indicate a company’s confidence in its future prospects. And ConocoPhillips has reasons to be confident, evidently, as its profits have certainly impressed Wall Street. Now, COP stock has wind in its sails, with shares potentially headed for even higher price points.

On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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