Why ConocoPhillips Shares Are Hitting New 52-Week Highs Thursday

Why ConocoPhillips Shares Are Hitting New 52-Week Highs Thursday

ConocoPhillips COP shares are trading about 7% higher at $135.41 per share Thursday afternoon after the company reported third-quarter financial results.

The company reported quarterly earnings of $3.60 per share which missed the analyst consensus estimate of $3.74.

ConocoPhillips also raised its quarterly dividend by 11% to $0.51 per share and raised its existing share repurchase authorization by $20 billion.

The company also raised its 2022 operating capital guidance to $8.1 billion versus the prior guidance of $7.8 billion.

According to data from Benzinga Pro, COP set a new 52-week high of $136.12 and has a 52-week low of $72.02.

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