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- 1 ConocoPhillips, a hydrocarbon explorer, and producer company released its quarterly earnings recently.
- 2 COP stock reported less earnings than the previous quarters.
- 3 The earnings of ConocoPhillips took a downward dive but the production surged in the timeframe.
The American hydrocarbon explorer and producer company ConocoPhillips (NYSE: COP) released its quarterly earnings report on August 3, 2023. Following the report, COP stock price saw a decline before attaining a notable jump in the days before it. This is due to the company missing the estimates and reporting fewer numbers in terms of revenue and earnings.
ConocoPhillips reported total revenue of $12.88 Billion for the quarter ended in June 2023. It is subsequently less than the previous quarter’s revenue of $15.3 Billion and $21.6 Billion a year ago.
The net income remained at $2.23 Billion for the quarter after falling from $5.15 Billion in the previous year to $2.92 Billion subsequently. The company reported earnings per share (EPS) of $1.84 which was below the analyst’s estimate.
Though the number in terms of earnings was not in favor, the production surge was favorable for the oil company.
ConocoPhillips’ oil production rose to a record 1.805 Million barrels of oil equivalent per day (boe/day), marking an increase of 6.7%. In contrast, the oil prices fell to $54.4 per barrel, a drop of over 35%.
Given the recent surge in oil production for the last quarter, the company is optimistic about more oil production down the line. For the full-year oil production, ConocoPhillips raised the outlook from 1.78-1.80 Million boe/day to 1.80-1.81 Million boe/day.
The company is dividend paying and it will be paying $0.51 per share in dividend on September 1, 2023.
COP Stock Price Movement
ConocoPhillips stock price closed the last intraday trading session at $113.7 after a slight drop of over 1%. Prior to the recent fall of 4% last week after testing the immediate hurdle at $118, COP stock gained nearly 20% in the last month.
For COP stock price, $106 is acting as immediate support. The price range of $106 to $98 is a support zone for the stock price as it consolidated within the range for almost a quarter.
At the price level of $118, COP stock price’s 50 and 200-day exponential moving averages (EMA) saw a golden crossover. It pushed the price higher and the gap between moving averages got wider.
MACD is taking a gradual downside curve followed by an up move earlier. RSI is at 66 but the straight curve shows the undetermined route for COP stock price ahead. If the fall continues, the stock price could retest $106 before rebounding.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
