Morgan Stanley Raises ConocoPhillips (NYSE:COP) Price Target to $129.00

ConocoPhillips (NYSE:COP) had its price objective raised by equities researchers at Morgan Stanley from $123.00 to $129.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the energy producer’s stock. Morgan Stanley’s price target points to a potential upside of 1.02% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Susquehanna cut their price target on ConocoPhillips from $152.00 to $133.00 and set a “positive” rating for the company in a research note on Friday, January 26th. Piper Sandler cut their price target on ConocoPhillips from $139.00 to $133.00 and set an “overweight” rating for the company in a research note on Thursday, March 14th. JPMorgan Chase & Co. cut their price target on ConocoPhillips from $153.00 to $141.00 and set a “neutral” rating for the company in a research note on Friday, December 8th. Johnson Rice cut ConocoPhillips from an “accumulate” rating to a “hold” rating in a research note on Thursday, December 14th. Finally, Mizuho restated a “neutral” rating and set a $139.00 price objective (up from $132.00) on shares of ConocoPhillips in a research report on Friday, March 22nd. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $135.35.

ConocoPhillips Stock Performance

Shares of NYSE:COP traded up $0.86 during trading on Thursday, reaching $127.70. 2,166,336 shares of the stock were exchanged, compared to its average volume of 5,733,041. ConocoPhillips has a 12 month low of $95.70 and a 12 month high of $128.64. The firm has a market cap of $150.23 billion, a PE ratio of 14.09, a PEG ratio of 2.87 and a beta of 1.23. The stock has a 50-day moving average price of $113.49 and a 200-day moving average price of $116.01. The company has a current ratio of 1.43, a quick ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The company had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the previous year, the company posted $2.71 earnings per share. Research analysts expect that ConocoPhillips will post 8.79 EPS for the current fiscal year.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other ConocoPhillips news, VP Christopher P. Delk sold 8,505 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $112.06, for a total transaction of $953,070.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nicholas G. Olds sold 12,150 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $126.44, for a total transaction of $1,536,246.00. Following the sale, the executive vice president now directly owns 14,522 shares in the company, valued at approximately $1,836,161.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 700,775 shares of company stock valued at $87,615,169. 0.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently made changes to their positions in the stock. Orion Capital Management LLC bought a new position in shares of ConocoPhillips during the 3rd quarter worth about $27,000. West Branch Capital LLC lifted its position in ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Cooksen Wealth LLC bought a new position in ConocoPhillips in the 4th quarter valued at about $27,000. RVW Wealth LLC bought a new position in ConocoPhillips in the 3rd quarter valued at about $28,000. Finally, Sachetta LLC bought a new position in ConocoPhillips in the 4th quarter valued at about $27,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

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.