ConocoPhillips (NYSE:COP) Stock Rating Reaffirmed by Scotiabank

ConocoPhillips (NYSE:COP)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Scotiabank in a research note issued on Thursday, Analyst Ratings Network reports. They currently have a $90.00 price target on the energy producer’s stock. Scotiabank’s price objective indicates a potential upside of 3.76% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. KeyCorp raised their price objective on shares of ConocoPhillips from $81.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday. Morgan Stanley raised their price objective on shares of ConocoPhillips from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, November 19th. Societe Generale cut shares of ConocoPhillips from a “buy” rating to a “hold” rating and set a $77.00 price objective on the stock. in a report on Wednesday, November 10th. Credit Suisse Group raised their price objective on shares of ConocoPhillips from $74.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, September 21st. Finally, Truist Securities raised their price objective on shares of ConocoPhillips from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $83.26.

Shares of ConocoPhillips stock opened at $86.74 on Thursday. ConocoPhillips has a 52-week low of $39.70 and a 52-week high of $86.87. The company has a 50 day moving average of $73.82 and a 200 day moving average of $66.28. The company has a quick ratio of 1.83, a current ratio of 1.93 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $114.41 billion, a P/E ratio of 25.82, a P/E/G ratio of 0.66 and a beta of 1.61.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Tuesday, November 2nd. The energy producer reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.24. ConocoPhillips had a net margin of 12.18% and a return on equity of 11.87%. The company had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $11.34 billion. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. As a group, research analysts anticipate that ConocoPhillips will post 5.89 earnings per share for the current fiscal year.

In related news, Director Jody Freeman sold 3,420 shares of the stock in a transaction that occurred on Wednesday, December 29th. The shares were sold at an average price of $72.84, for a total transaction of $249,112.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Michael Lance sold 105,098 shares of the stock in a transaction that occurred on Monday, December 27th. The stock was sold at an average price of $73.08, for a total transaction of $7,680,561.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 145,889 shares of company stock valued at $10,680,170. Corporate insiders own 0.08% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COP. Amundi purchased a new position in ConocoPhillips in the 2nd quarter worth approximately $364,105,000. State Street Corp boosted its holdings in ConocoPhillips by 2.0% in the 2nd quarter. State Street Corp now owns 72,497,939 shares of the energy producer’s stock worth $4,415,124,000 after acquiring an additional 1,405,555 shares during the period. Eaton Vance Management boosted its holdings in ConocoPhillips by 250.3% in the 3rd quarter. Eaton Vance Management now owns 1,933,095 shares of the energy producer’s stock worth $130,268,000 after acquiring an additional 1,381,331 shares during the period. Capital World Investors boosted its holdings in ConocoPhillips by 7.1% in the 3rd quarter. Capital World Investors now owns 19,853,204 shares of the energy producer’s stock worth $1,345,452,000 after acquiring an additional 1,324,230 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in ConocoPhillips by 6.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 20,451,758 shares of the energy producer’s stock worth $1,386,015,000 after acquiring an additional 1,168,903 shares during the period. Hedge funds and other institutional investors own 78.94% of the company’s stock.

About ConocoPhillips

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

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Analyst Recommendations for ConocoPhillips (NYSE:COP)

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