Royal Bank Of Canada Analysts Give ConocoPhillips (NYSE:COP) a $62.00 Price Target
ConocoPhillips (NYSE:COP) has been assigned a $62.00 price target by research analysts at Royal Bank Of Canada in a research note issued on Sunday. The brokerage currently has a “buy” rating on the energy producer’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 43.55% from the company’s previous close.
Several other brokerages also recently commented on COP. Cowen and Company reiterated an “outperform” rating and set a $59.00 price target on shares of ConocoPhillips in a report on Thursday, March 30th. Instinet reiterated a “neutral” rating and set a $54.00 price target on shares of ConocoPhillips in a report on Monday, April 3rd. Vetr downgraded ConocoPhillips from a “strong-buy” rating to a “buy” rating in a report on Friday, March 31st. Scotiabank set a $57.00 price target on ConocoPhillips and gave the company a “buy” rating in a report on Thursday, April 6th. Finally, Guggenheim assumed coverage on ConocoPhillips in a report on Tuesday, April 18th. They set a “neutral” rating on the stock. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. ConocoPhillips has an average rating of “Hold” and a consensus target price of $55.77.
Shares of ConocoPhillips (NYSE:COP) traded down 0.60% on Friday, reaching $43.19. 7,014,739 shares of the company’s stock were exchanged. The company’s market capitalization is $53.43 billion. The firm’s 50 day moving average price is $45.46 and its 200-day moving average price is $47.90. ConocoPhillips has a 12 month low of $38.80 and a 12 month high of $53.17.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by $0.05. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. The company had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.47 billion. During the same quarter last year, the business earned ($0.95) EPS. On average, equities analysts anticipate that ConocoPhillips will post $0.27 EPS for the current year.
ConocoPhillips announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the energy producer to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, VP James D. Mcmorran sold 9,091 shares of ConocoPhillips stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.
A number of hedge funds have recently made changes to their positions in COP. First Command Bank raised its stake in shares of ConocoPhillips by 9.4% in the second quarter. First Command Bank now owns 2,313 shares of the energy producer’s stock worth $101,000 after buying an additional 199 shares during the last quarter. Smith Asset Management Group LP raised its stake in shares of ConocoPhillips by 6.0% in the third quarter. Smith Asset Management Group LP now owns 2,470 shares of the energy producer’s stock worth $107,000 after buying an additional 140 shares during the last quarter. Gemmer Asset Management LLC raised its stake in shares of ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock worth $108,000 after buying an additional 8 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of ConocoPhillips by 100.0% in the second quarter. Quadrant Capital Group LLC now owns 2,742 shares of the energy producer’s stock worth $109,000 after buying an additional 1,371 shares during the last quarter. Finally, Integrated Investment Consultants LLC raised its stake in shares of ConocoPhillips by 2.0% in the third quarter. Integrated Investment Consultants LLC now owns 2,594 shares of the energy producer’s stock worth $109,000 after buying an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 67.60% of the company’s stock.
ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.