Barclays PLC Reiterates Overweight Rating for ConocoPhillips (COP)
ConocoPhillips (NYSE:COP)‘s stock had its “overweight” rating reaffirmed by equities researchers at Barclays PLC in a research note issued on Monday. They currently have a $60.00 price target on the stock. Barclays PLC’s price objective would indicate a potential upside of 35.17% from the company’s previous close.
A number of other equities research analysts have also recently weighed in on the stock. Nomura reissued a “hold” rating and issued a $49.00 price target on shares of ConocoPhillips in a research report on Monday, October 3rd. Vetr raised shares of ConocoPhillips from a “sell” rating to a “hold” rating and set a $42.73 price target for the company in a research report on Monday, September 12th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and set a $51.00 price objective on the stock in a research note on Monday, September 12th. Jefferies Group upgraded shares of ConocoPhillips from an “underperform” rating to a “hold” rating and lifted their price objective for the company from $30.00 to $40.00 in a research note on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG restated a “neutral” rating on shares of ConocoPhillips in a research note on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. ConocoPhillips presently has a consensus rating of “Hold” and an average price target of $49.69.
ConocoPhillips (NYSE:COP) traded up 0.38% during midday trading on Monday, hitting $44.39. 9,102,066 shares of the stock traded hands. ConocoPhillips has a one year low of $31.05 and a one year high of $57.24. The company’s market cap is $54.98 billion. The company’s 50 day moving average is $41.83 and its 200-day moving average is $42.79.
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ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by $0.18. ConocoPhillips had a negative net margin of 28.40% and a negative return on equity of 9.26%. The company earned $5.58 billion during the quarter, compared to analysts’ expectations of $5.38 billion. During the same period last year, the firm earned $0.07 earnings per share. ConocoPhillips’s revenue was down 35.6% on a year-over-year basis. On average, equities research analysts forecast that ConocoPhillips will post ($2.47) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, October 17th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, October 13th. ConocoPhillips’s dividend payout ratio (DPR) is presently -17.57%.
In other ConocoPhillips news, Director Arjun N. Murti purchased 6,500 shares of ConocoPhillips stock in a transaction on Monday, August 1st. The shares were bought at an average price of $39.72 per share, with a total value of $258,180.00. Following the completion of the acquisition, the director now directly owns 19,000 shares of the company’s stock, valued at $754,680. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Ellen Desanctis purchased 5,000 shares of ConocoPhillips stock in a transaction on Thursday, August 11th. The stock was acquired at an average cost of $40.50 per share, for a total transaction of $202,500.00. Following the acquisition, the vice president now directly owns 22,010 shares of the company’s stock, valued at $891,405. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new position in shares of ConocoPhillips during the first quarter valued at about $256,000. Virginia Retirement System purchased a new position in shares of ConocoPhillips during the first quarter valued at about $18,074,000. BTC Capital Management Inc. increased its position in shares of ConocoPhillips by 30.9% in the first quarter. BTC Capital Management Inc. now owns 70,713 shares of the company’s stock valued at $2,848,000 after buying an additional 16,682 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management increased its position in shares of ConocoPhillips by 46.9% in the first quarter. B & T Capital Management DBA Alpha Capital Management now owns 13,600 shares of the company’s stock valued at $548,000 after buying an additional 4,340 shares during the last quarter. Finally, IFP Advisors Inc increased its position in shares of ConocoPhillips by 11.2% in the first quarter. IFP Advisors Inc now owns 78,394 shares of the company’s stock valued at $3,157,000 after buying an additional 7,891 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The Company operates through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International.
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