ConocoPhillips (NYSE:COP) Price Target Cut to $114.00 by Analysts at Piper Sandler

ConocoPhillips (NYSE:COP) had its price target decreased by Piper Sandler from $135.00 to $114.00 in a research report released on Thursday,Benzinga reports. Piper Sandler currently has an overweight rating on the energy producer’s stock.

A number of other equities research analysts have also recently weighed in on the company. Evercore ISI reiterated an “outperform” rating and issued a $165.00 price objective on shares of ConocoPhillips in a research note on Friday, December 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Susquehanna raised their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and upped their target price for the company from $132.00 to $134.00 in a report on Monday. Finally, Morgan Stanley started coverage on ConocoPhillips in a report on Monday. They set an “overweight” rating and a $128.00 price target on the stock. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips presently has a consensus rating of “Buy” and an average price target of $136.71.

ConocoPhillips Trading Down 0.7 %

Shares of ConocoPhillips stock opened at $95.18 on Thursday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $106.57 and a 200-day simple moving average of $109.22. The stock has a market cap of $109.54 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 0.83 and a beta of 1.18. ConocoPhillips has a 12-month low of $95.10 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the company posted $2.16 earnings per share. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. On average, equities analysts forecast that ConocoPhillips will post 7.77 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were paid a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 3.28%. ConocoPhillips’s payout ratio is 37.10%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director R A. Walker bought 10,400 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares of the company’s stock, valued at $3,716,400. The trade was a 37.68 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of COP. Tidal Investments LLC grew its holdings in ConocoPhillips by 42.7% during the 3rd quarter. Tidal Investments LLC now owns 103,553 shares of the energy producer’s stock valued at $10,902,000 after buying an additional 31,011 shares during the last quarter. Alpha DNA Investment Management LLC boosted its stake in shares of ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock valued at $1,879,000 after acquiring an additional 7,490 shares during the last quarter. Prospera Financial Services Inc increased its position in ConocoPhillips by 23.6% during the 3rd quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock worth $7,488,000 after purchasing an additional 13,595 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in ConocoPhillips by 1.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,489,514 shares of the energy producer’s stock valued at $262,094,000 after purchasing an additional 46,621 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in ConocoPhillips by 5,422.3% in the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after purchasing an additional 4,504,653 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

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.