Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $132.00

ConocoPhillips (NYSE:COP) had its price target trimmed by Wells Fargo & Company from $150.00 to $132.00 in a report published on Friday, Benzinga reports. The firm currently has an overweight rating on the energy producer’s stock.

Other equities analysts have also issued reports about the stock. Truist Financial decreased their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a buy rating for the company in a report on Friday, August 2nd. Wolfe Research assumed coverage on ConocoPhillips in a report on Thursday, July 18th. They set an outperform rating and a $145.00 price target on the stock. Argus upgraded ConocoPhillips to a strong-buy rating in a report on Friday, June 7th. StockNews.com lowered ConocoPhillips from a buy rating to a hold rating in a research report on Wednesday, July 17th. Finally, Raymond James reaffirmed a strong-buy rating and set a $159.00 price target (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $141.24.

ConocoPhillips Trading Up 2.4 %

ConocoPhillips stock opened at $104.72 on Friday. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The company has a market capitalization of $122.47 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. The business’s fifty day simple moving average is $108.85 and its two-hundred day simple moving average is $116.31. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. ConocoPhillips’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.84 EPS. As a group, equities analysts predict that ConocoPhillips will post 8.14 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.22%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Activity at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of ConocoPhillips

Several institutional investors have recently made changes to their positions in the business. Cooksen Wealth LLC bought a new stake in ConocoPhillips in the 4th quarter valued at $27,000. Stephens Consulting LLC lifted its position in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after buying an additional 104 shares in the last quarter. Richardson Capital Management LLC bought a new position in ConocoPhillips during the first quarter valued at approximately $31,000. Northwest Bank & Trust Co purchased a new position in ConocoPhillips during the 4th quarter valued at approximately $32,000. Finally, Ruedi Wealth Management Inc. increased its stake in ConocoPhillips by 150.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.