Scotiabank Lowers ConocoPhillips (NYSE:COP) Price Target to $115.00

ConocoPhillips (NYSE:COP) had its price target lowered by Scotiabank from $120.00 to $115.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a sector perform rating on the energy producer’s stock.

A number of other research firms also recently commented on COP. BMO Capital Markets increased their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an outperform rating in a research report on Friday, October 4th. Bank of America restated a buy rating and issued a $147.00 price objective on shares of ConocoPhillips in a research note on Friday, June 14th. Sanford C. Bernstein dropped their price objective on shares of ConocoPhillips from $147.00 to $132.00 and set an outperform rating on the stock in a research note on Wednesday, July 17th. Wells Fargo & Company dropped their price objective on shares of ConocoPhillips from $150.00 to $132.00 and set an overweight rating on the stock in a research note on Friday, September 27th. Finally, Susquehanna dropped their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a positive rating on the stock in a research note on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $137.12.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $110.49 on Thursday. The firm has a market cap of $128.31 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $109.06 and its two-hundred day moving average is $115.55.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating analysts’ consensus estimates 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%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 EPS. On average, research analysts expect that ConocoPhillips will post 8.02 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 25.86%.

Insider Buying and Selling

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction dated 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 sale, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is owned by insiders.

Institutional Trading of ConocoPhillips

Several institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors raised its position in shares of ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after buying an additional 1,856,085 shares during the last quarter. Legal & General Group Plc raised its position in shares of ConocoPhillips by 4.6% in the second quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock valued at $1,132,430,000 after buying an additional 438,241 shares during the last quarter. Fisher Asset Management LLC increased its position in ConocoPhillips by 2.7% during the fourth quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer’s stock worth $860,398,000 after purchasing an additional 191,519 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in ConocoPhillips by 2.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 5,709,604 shares of the energy producer’s stock worth $653,065,000 after purchasing an additional 109,885 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.