ConocoPhillips
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Energy : Oil, Gas & Consumable Fuels | Large Cap Value
Company profile

ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through six segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. The Alaska segment explores for, produces, transports and markets crude oil, natural gas liquids, natural gas and LNG. The Lower 48 segment consists of operations located in the United States Lower 48 states and the Gulf of Mexico. Its Canadian operations consists of oil sands developments in the Athabasca Region of northeastern Alberta. The Europe and North Africa segment consists of operations and exploration activities in Norway and Libya. The Asia Pacific and Middle East segment has exploration and production operations in China, Indonesia and Malaysia.

Closing Price
$45.12
Day's Change
-2.75 (-5.74%)
Bid
--
Ask
--
B/A Size
--
Day's High
47.28
Day's Low
44.53
Volume
(Heavy Day)
Volume:
30,004,648

10-day average volume:
11,963,487
30,004,648

UPDATE: Tilray stock gains after pot company promises profit despite stagnant sales growth

4:49 pm ET November 9, 2020 (MarketWatch)
Print

By Jeremy C. Owens

After huge run-up in pot stocks on heels of U.S. election, Tilray predicts its first adjusted profit in the fourth quarter, sending shares higher in after-hours trading

Tilray Inc. saw very little revenue growth from cannabis sales in a Monday earnings report, but narrowed its losses and promised adjusted profitability in the fourth quarter, sending shares higher in late trading after a staggering run-up in pot stocks on the heels of the U.S. election.

Tilray (TLRY) reported a third-quarter loss of $2.3 million, or 2 cents a share, an improvement from a loss of 36 cents a share in the same period a year ago. The cannabis company's revenue was $51.4 million, up very slightly from $51.1 million a year ago; after removing excise taxes, as most other cannabis companies do when reporting revenue, sales totaled $47.2 million. Analysts on average expected losses of 21 cents a share on sales of $54.4 million.

Tilray stated that the stagnant revenue total was a result of bulk cannabis sales in last year's third quarter that did not repeat in 2020. Chief Executive Brendan Kennedy said that the rest of the company's business was growing while he was cutting costs, leading to the narrower losses.

"We realized solid year-over-year revenue growth in our core businesses and have achieved a significantly more focused, efficient and competitive cost structure, all of which position Tilray for future success," Kennedy said in Monday's announcement.

After very nearly breaking even in the third quarter on an adjusted-Ebitda basis -- a loss of $1.5 million -- Tilray stated that it would break through with adjusted profit in the fourth quarter.

"Given the broad based improvements we have achieved through the third quarter of 2020, we believe we are poised to deliver positive or break even Adjusted Ebitda in the fourth quarter of 2020," the company said in its outlook, which did not provide specific targets for revenue nor other metrics.

Cannabis stocks have been on a tear in the past week, as four U.S. states approved legalization of recreational cannabis sales in votes last week and it appeared Joe Biden would win the presidency. Biden has been more vocal than incumbent President Donald Trump about taking steps to decriminalize cannabis in the U.S., as it is in Canada.

Tilray followed two other large Canadian cannabis companies in reporting earnings Monday morning. Canopy Growth Corp. (WEED.T) showed a big gain in revenue from last year, and Aurora Cannabis Inc. (ACB.T) sales declined but beat analysts' expectations.

For more: Cannabis stocks rally anew as Canopy and Aurora post results (https://www.marketwatch.com/story/cannabis-stocks-rally-anew-as-canopy-and-aurora-post-results-with-tilray-still-to-come-2020-11-09)

Tilray shares initially gained more than 7% in after-hours trading Monday following the earnings announcement, but those increases calmed down to closer to 2% later in the session. The stock has declined 41% this year, as the S&P 500 index has gained 8.6%, but shares have increased more than 68% in the past three regular trading sessions.

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 09, 2020 16:49 ET (21:49 GMT)

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