ConocoPhillips (NYSE:COP) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of ConocoPhillips (NYSE:COP) from a neutral rating to a buy rating in a research note published on Wednesday, Benzinga reports. Bank of America currently has $75.00 price target on the energy producer’s stock.

A number of other brokerages also recently issued reports on COP. Piper Jaffray Companies set a $30.00 price objective on KLX Energy Services and gave the stock a buy rating in a research report on Thursday, March 21st. ValuEngine raised Zogenix from a buy rating to a strong-buy rating in a research note on Thursday, June 27th. Mizuho started coverage on Avrobio in a research note on Wednesday, June 26th. They issued a buy rating and a $28.00 target price on the stock. JPMorgan Chase & Co. started coverage on Pinduoduo in a research note on Tuesday, July 9th. They issued an underweight rating and a $20.48 target price on the stock. Finally, Credit Suisse Group reissued an outperform rating and issued a GBX 2,012 ($26.29) target price on shares of Aston Martin Lagonda Global in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. ConocoPhillips currently has a consensus rating of Buy and a consensus price target of $77.07.

Shares of COP stock opened at $60.33 on Wednesday. The company has a quick ratio of 1.72, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. ConocoPhillips has a 52-week low of $56.75 and a 52-week high of $80.24. The stock has a market capitalization of $68.18 billion, a P/E ratio of 13.17, a PEG ratio of 1.55 and a beta of 1.00. The stock has a fifty day simple moving average of $60.02.



ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Tuesday, April 30th. The energy producer reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.08. ConocoPhillips had a return on equity of 16.65% and a net margin of 18.08%. The company had revenue of $10.06 billion for the quarter, compared to the consensus estimate of $9.16 billion. During the same quarter last year, the business posted $0.96 earnings per share. Sell-side analysts predict that ConocoPhillips will post 4.11 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd will be paid a $0.305 dividend. The ex-dividend date is Friday, July 19th. This represents a $1.22 dividend on an annualized basis and a yield of 2.02%. ConocoPhillips’s dividend payout ratio is presently 26.93%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fishman Jay A Ltd. MI raised its stake in shares of ConocoPhillips by 0.4% during the fourth quarter. Fishman Jay A Ltd. MI now owns 38,267 shares of the energy producer’s stock valued at $2,386,000 after purchasing an additional 152 shares in the last quarter. Dimensional Fund Advisors LP raised its position in ConocoPhillips by 28.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,387,748 shares of the energy producer’s stock worth $710,012,000 after acquiring an additional 2,532,290 shares in the last quarter. Cortland Advisers LLC bought a new stake in ConocoPhillips in the fourth quarter worth about $14,941,000. Captrust Financial Advisors raised its position in ConocoPhillips by 0.5% in the fourth quarter. Captrust Financial Advisors now owns 33,155 shares of the energy producer’s stock worth $2,067,000 after acquiring an additional 177 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in ConocoPhillips by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 15,108,105 shares of the energy producer’s stock worth $940,354,000 after acquiring an additional 659,942 shares in the last quarter. 72.13% of the stock is currently owned by institutional investors and hedge funds.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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Analyst Recommendations for ConocoPhillips (NYSE:COP)

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