Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $128.00

ConocoPhillips (NYSE:COP) had its target price decreased by equities research analysts at Wells Fargo & Company from $132.00 to $128.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 29.33% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Raymond James cut shares of ConocoPhillips from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $157.00 to $124.00 in a research note on Monday. Evercore ISI reissued an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a research report on Friday, December 6th. Morgan Stanley initiated coverage on shares of ConocoPhillips in a research note on Monday, December 16th. They issued an “overweight” rating and a $128.00 price objective on the stock. TD Cowen started coverage on shares of ConocoPhillips in a research report on Friday, January 17th. They set a “buy” rating and a $125.00 price objective on the stock. Finally, Barclays dropped their price objective on shares of ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating for the company in a research note on Monday. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $133.72.

ConocoPhillips Trading Up 0.6 %

Shares of COP stock traded up $0.61 during trading hours on Monday, hitting $98.97. 1,112,036 shares of the company’s stock traded hands, compared to its average volume of 5,917,809. The company has a quick ratio of 1.16, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The stock has a market cap of $113.91 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.77 and a beta of 1.18. The stock’s 50 day simple moving average is $101.05 and its 200 day simple moving average is $106.11. ConocoPhillips has a 12 month low of $94.23 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, sell-side analysts anticipate that ConocoPhillips will post 8.3 EPS for the current year.

Insiders Place Their Bets

In related news, Director Arjun N. Murti purchased 2,500 shares of the business’s stock in a transaction that occurred 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 completion of the acquisition, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director R A. Walker bought 10,400 shares of the company’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 acquisition, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This trade represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ConocoPhillips

Several large investors have recently made changes to their positions in the business. Tidal Investments LLC grew its position in shares of ConocoPhillips by 42.7% in the third quarter. Tidal Investments LLC now owns 103,553 shares of the energy producer’s stock valued at $10,902,000 after purchasing an additional 31,011 shares during the last quarter. Brookstone Capital Management grew its position in ConocoPhillips by 4.5% during the fourth quarter. Brookstone Capital Management now owns 8,855 shares of the energy producer’s stock worth $878,000 after buying an additional 383 shares in the last quarter. Prospera Financial Services Inc boosted its holdings in ConocoPhillips by 23.6% during the third quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock valued at $7,488,000 after purchasing an additional 13,595 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in ConocoPhillips by 1.9% during the third 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 in the last quarter. Finally, Pacer Advisors Inc. raised its position 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 worth $482,996,000 after purchasing an additional 4,504,653 shares during the last quarter. 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.