Mizuho Reiterates Neutral Rating on ConocoPhillips (COP)

Mizuho analyst Nitin Kumar reiterated a Neutral rating and $129.00 price target on ConocoPhillips (NYSE: COP).

The analyst commented: "Although lower earnings estimates vs. (stale) consensus seems to be a theme ahead of 3Q24, we note that our updated EPS estimate of $1.62/sh is lower than recent buy-side expectations (~$1.75/sh) and Street at $1.93/sh. The key drivers of the 'miss' compared to our prior estimates (~$1.85/sh) were lower oil prices late in September, weaker q/q U.S. natural gas realizations particularly in the Permian, and higher operating costs associated with international turnarounds (per guidance). Management remains committed to its cash return framework, having increased the quarterly base dividend to $0.78/sh (payable from 4Q24). COP is making progress on the second request from the FTC regarding the MRO acquisition, and still expects to close the deal in 4Q24. We maintain our Neutral rating and $129/sh NAV-based price target."

For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.

Shares of ConocoPhillips closed at $111.86 yesterday.

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