ConocoPhillips Reports Decline in Profit; Beats Estimates (COP)

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Energy company, ConocoPhillips( COP ) reported decreased profits on Thursday for their third quarter, but beat analysts expectations.

The Houston, TX based company reported profit of $1.8 billion, or $1.46 a share for their third quarter. This years Q3 profit showed a 31.3% decline compared with last years results of $2.62 billion, or $1.91 a share. Adjusted profit came in at $1.44 a share, beating the average analyst estimate of $1.19 a share.

Reported revenue for the quarter was $15.09 billion, declining 9% from last years revenue of $16.70 billion. Actual Q3 results beat analysts expectations of 11.11 billion by 26%.

Looking ahead, analysts have increased their estimates for the forth quarter by 7%, predicting earnings of $1.40 a share, compared with their prior estimate of $1.30. The average estimate for the company's 2012 outlook is in the range of $5.52-$5.64.

ConocoPhillips shares were up 96 cents, or 1.72% on Thursday morning.

The Bottom Line
We have been recommending shares of ConocoPhillips ( COP ) since May 10, when the stock was trading at $53.47. The company has a 4.72% dividend yield, based on last night's closing stock price of $55.95.

ConocoPhillips( COP ) is a "Recommended" dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: COP


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