Oil & Gas Giant ConocoPhillips Hikes Dividend, Says Not Surprised By Consolidation Wave
Portfolio Pulse from Akanksha Bakshi
ConocoPhillips (NYSE: COP) reported Q3 FY23 adjusted EPS of $2.16, beating the consensus of $1.97, but revenues of $14.87 billion missed the consensus of $15.07 billion. The company announced a 14% increase in the quarterly ordinary dividend to $0.58 per share. The company expects Q4 production to be 1.86 to 1.90 MMBOED and reaffirmed FY23 production guidance of 1.80 to 1.81 MMBOED. COP shares are trading higher by 5.27% at $122.82.
November 02, 2023 | 6:38 pm
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ConocoPhillips reported better than expected Q3 earnings but missed on revenue. The company also announced a 14% increase in its dividend. Shares are up 5.27%.
ConocoPhillips' better than expected earnings and dividend increase are positive news for the company, which is likely driving the increase in the stock price. However, the missed revenue estimate could be a concern for some investors.
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