Conoil Shareholders Expect Increased Dividend for 2026

Conoil shareholders have faced significant losses, with an investment of N100,000 at the end of 2024 dropping to about N54,240 by October 2026. After a 361.5% surge in 2024, the stock fell 51.7% in 2025 but rose 12.2% in 2026, reaching N210.

Conoil has consistently paid dividends, reducing the payout from N3.50 per share in 2024 to N2.00 in 2025. At N210, the gross yield is only 0.95%.

However, Conoil earned N7.65 per share in the first nine months of 2026, more than double its earnings for all of 2025. If the fourth quarter matches the third quarter’s earnings, a N3.50 dividend would represent 44.5% of earnings.

The company needs to improve cash flow, as it generated only N275 million in net cash from operations in the first nine months. Management is advised to collect overdue payments to fund a larger dividend without increasing debt.