ConocoPhillips Shares Gap Up Following Analyst Upgrade (COP)
ConocoPhillips (NYSE:COP)’s share price gapped up before the market opened on Wednesday after Societe Generale raised their price target on the stock from $79.00 to $90.00, AR Network reports. The stock had previously closed at $78.58, but opened at $79.04. ConocoPhillips shares last traded at $79.94, with a volume of 3,941,217 shares traded.
Other equities research analysts have also recently issued reports about the stock. Analysts at Guggenheim upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating in a research note on Wednesday. They now have a $90.00 price target on the stock, up previously from $82.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of ConocoPhillips in a research note on Wednesday, May 21st. They now have a $82.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of ConocoPhillips in a research note on Wednesday, May 21st. They now have a $100.00 price target on the stock, up previously from $85.00. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $83.06.
In other ConocoPhillips news, EVP Matthew Fox sold 124,631 shares of ConocoPhillips stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $78.59, for a total value of $9,794,750.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
The stock has a 50-day moving average of $75.92 and a 200-day moving average of $70.45. The company has a market cap of $97.688 billion and a P/E ratio of 10.75. ConocoPhillips also was the target of some unusual options trading activity on Wednesday. Stock traders purchased 9,067 put options on the company. This is an increase of 240% compared to the average volume of 2,665 put options.
ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, May 1st. The company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.25. During the same quarter in the previous year, the company posted $1.42 earnings per share. Analysts expect that ConocoPhillips will post $6.34 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 2nd. Shareholders of record on Friday, May 23rd will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Wednesday, May 21st.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis.
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