ConocoPhillips (NYSE:COP) Price Target Cut to $128.00 by Analysts at Wells Fargo & Company

ConocoPhillips (NYSE:COP) had its price objective reduced by Wells Fargo & Company from $132.00 to $128.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the energy producer’s stock.

Other research analysts also recently issued reports about the company. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $132.00 to $134.00 in a report on Monday, December 16th. JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $120.00 to $123.00 in a research note on Thursday, December 5th. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $157.00 to $124.00 in a research note on Monday. Piper Sandler dropped their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Morgan Stanley initiated coverage on ConocoPhillips in a research note on Monday, December 16th. They set an “overweight” rating and a $128.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.56.

ConocoPhillips Trading Down 3.2 %

Shares of NYSE:COP opened at $98.42 on Monday. ConocoPhillips has a 12-month low of $94.23 and a 12-month high of $135.18. The business’s fifty day simple moving average is $100.83 and its 200-day simple moving average is $105.97. The company has a market capitalization of $113.27 billion, a PE ratio of 12.63, a P/E/G ratio of 0.77 and a beta of 1.18. The company has a current ratio of 1.29, a quick ratio of 1.16 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. As a group, equities research analysts predict that ConocoPhillips will post 8.3 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.17%. ConocoPhillips’s payout ratio is presently 40.05%.

Insider Activity

In related news, Director Arjun N. Murti acquired 2,500 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was acquired at an average price of $95.87 per share, with a total value of $239,675.00. Following the acquisition, the director now directly owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was bought at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares in the company, valued at approximately $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ConocoPhillips

A number of large investors have recently bought and sold shares of the business. Cypress Capital Group raised its holdings in ConocoPhillips by 0.5% in the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock worth $1,978,000 after purchasing an additional 96 shares during the period. Orrstown Financial Services Inc. raised its holdings in ConocoPhillips by 3.0% in the 4th quarter. Orrstown Financial Services Inc. now owns 3,342 shares of the energy producer’s stock worth $331,000 after purchasing an additional 96 shares during the period. Smithfield Trust Co raised its holdings in ConocoPhillips by 3.3% in the 3rd quarter. Smithfield Trust Co now owns 3,132 shares of the energy producer’s stock worth $332,000 after purchasing an additional 100 shares during the period. Principle Wealth Partners LLC raised its holdings in ConocoPhillips by 0.3% in the 4th quarter. Principle Wealth Partners LLC now owns 37,255 shares of the energy producer’s stock worth $3,695,000 after purchasing an additional 100 shares during the period. Finally, Asset Dedication LLC raised its holdings in ConocoPhillips by 2.5% in the 3rd quarter. Asset Dedication LLC now owns 4,202 shares of the energy producer’s stock worth $442,000 after purchasing an additional 102 shares during the period. Institutional investors and hedge funds 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.