ConocoPhillips’ stock (COP, -1.79%) showed a 0.9% increase in premarket trade on Thursday following the release of the energy giant’s better-than-expected third-quarter profit. Additionally, the company announced it would be raising its quarterly dividend by 14%.
In Q3, ConocoPhillips reported net income of $2.8 billion, or $2.32 per share, which represented a decrease from the year-earlier period’s $4.5 billion, or $3.55 per share. However, adjusted per-share earnings came in at $2.16, surpassing the FactSet consensus estimate of $2.10.
Although the revenue number was not provided in the release, ConocoPhillips stated that its production for the quarter was 1,806 million barrels of oil equivalent per day (MBOED), marking a 52 MBOED increase from the previous year. The FactSet consensus projection for production was 1,800 MBOED.
Looking ahead to Q4, the company anticipates production between 1.86 and 1.90 MBOED, slightly higher than FactSet’s estimate of 1.87 MBOED.
Furthermore, ConocoPhillips confirmed that it would be raising its quarterly dividend by 14% to 58 cents per share. This new dividend will be payable on December 1, with shareholders of record as of November 14 being eligible to receive it.
As of year to date, the company’s stock has experienced a decline of 1.1%, whereas the S&P 500 (SPX, +1.05%) has shown a gain of 10%.
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