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

ConocoPhillips (NYSE:COP) had its price target decreased by Wells Fargo & Company from $134.00 to $132.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 26.57% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Mizuho upgraded shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $132.00 to $134.00 in a research note on Monday, December 16th. Susquehanna raised their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a report on Friday, November 1st. Morgan Stanley initiated coverage on shares of ConocoPhillips in a report on Monday, December 16th. They issued an “overweight” rating and a $128.00 price target for the company. UBS Group lowered their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Finally, BMO Capital Markets raised their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $136.65.

ConocoPhillips Stock Performance

NYSE:COP opened at $104.29 on Tuesday. ConocoPhillips has a 1 year low of $94.23 and a 1 year high of $135.18. The firm has a 50 day moving average of $104.30 and a 200-day moving average of $107.63. 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 stock has a market capitalization of $120.03 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.83 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the previous year, the company posted $2.16 earnings per share. ConocoPhillips’s quarterly revenue was down 8.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that ConocoPhillips will post 7.77 EPS for the current fiscal year.

Insider Activity

In other ConocoPhillips news, Director Arjun N. Murti purchased 2,500 shares of the business’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, with a total value of $239,675.00. Following the transaction, the director now directly owns 21,500 shares of the company’s stock, valued at $2,061,205. This represents a 13.16 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director R A. Walker purchased 10,400 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were acquired at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares in the company, valued at approximately $3,716,400. This represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Values First Advisors Inc. acquired a new position in shares of ConocoPhillips during the 3rd quarter worth about $26,000. Reston Wealth Management LLC acquired a new position in shares of ConocoPhillips during the 3rd quarter worth about $31,000. Truvestments Capital LLC acquired a new position in shares of ConocoPhillips during the 3rd quarter worth about $31,000. Fairway Wealth LLC increased its stake in shares of ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after purchasing an additional 153 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC acquired a new position in shares of ConocoPhillips during the 3rd quarter worth about $35,000. 82.36% of the stock is owned by 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.