ConocoPhillips (NYSE:COP – Get Free Report) had its target price lifted by research analysts at Mizuho from $135.00 to $139.00 in a report issued on Monday, FlyOnTheWall reports. Mizuho’s price target would indicate a potential upside of 12.49% from the company’s previous close.
Several other analysts also recently weighed in on the company. UBS Group upped their price objective on ConocoPhillips from $127.00 to $147.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. Erste Group Bank upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $130.00 target price on shares of ConocoPhillips in a research report on Monday, August 14th. Wells Fargo & Company increased their target price on ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Finally, StockNews.com assumed coverage on ConocoPhillips in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $134.63.
ConocoPhillips Stock Performance
ConocoPhillips (NYSE:COP – Get Free Report) last released its earnings results on Thursday, August 3rd. The energy producer reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.10). ConocoPhillips had a return on equity of 27.27% and a net margin of 18.66%. The company had revenue of $12.88 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same period last year, the company posted $3.91 earnings per share. Sell-side analysts expect that ConocoPhillips will post 8.74 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO Ryan Michael Lance sold 569,400 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the completion of the sale, the chief executive officer now owns 18,187 shares of the company’s stock, valued at $2,221,360.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by insiders.
Institutional Investors Weigh In On ConocoPhillips
A number of hedge funds have recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich grew its stake in ConocoPhillips by 97,756.1% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,354,810,556 shares of the energy producer’s stock valued at $140,371,922,000 after acquiring an additional 1,353,426,064 shares during the period. Wellington Management Group LLP grew its stake in ConocoPhillips by 2.6% in the first quarter. Wellington Management Group LLP now owns 44,731,153 shares of the energy producer’s stock valued at $4,437,778,000 after acquiring an additional 1,138,607 shares during the period. Geode Capital Management LLC grew its stake in ConocoPhillips by 1.5% in the second quarter. Geode Capital Management LLC now owns 22,756,145 shares of the energy producer’s stock valued at $2,354,009,000 after acquiring an additional 334,277 shares during the period. Price T Rowe Associates Inc. MD grew its stake in ConocoPhillips by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,256,640 shares of the energy producer’s stock valued at $2,036,284,000 after acquiring an additional 1,566,894 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of ConocoPhillips by 26.6% in the fourth quarter. Morgan Stanley now owns 16,647,723 shares of the energy producer’s stock valued at $1,964,432,000 after purchasing an additional 3,497,750 shares in the last quarter. Institutional investors and hedge funds own 80.36% of the company’s stock.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States and internationally. The company's 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 global exploration prospects.
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