ConocoPhillips (NYSE:COP) Given a $55.00 Price Target by Cowen and Company Analysts
ConocoPhillips (NYSE:COP) received a $55.00 target price from equities researchers at Cowen and Company in a research note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the energy producer’s stock. Cowen and Company’s price target would indicate a potential upside of 25.97% from the company’s previous close.
A number of other research analysts also recently weighed in on COP. Scotiabank set a $53.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Monday, March 27th. UBS AG upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and increased their price objective for the company from $51.00 to $55.00 in a research report on Thursday, March 30th. Credit Suisse Group set a $60.00 price target on shares of ConocoPhillips and gave the stock a “neutral” rating in a research report on Thursday, March 30th. Vetr downgraded shares of ConocoPhillips from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 31st. Finally, Instinet reiterated a “neutral” rating and issued a $54.00 price target on shares of ConocoPhillips in a research report on Monday, April 3rd. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. ConocoPhillips presently has an average rating of “Hold” and a consensus target price of $55.56.
ConocoPhillips (NYSE COP) traded up 1.37% during trading on Tuesday, hitting $43.66. 8,822,991 shares of the company’s stock traded hands. The company’s 50 day moving average is $44.37 and its 200-day moving average is $47.13. ConocoPhillips has a 12 month low of $38.80 and a 12 month high of $53.17. The stock’s market cap is $54.01 billion.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.05. The company had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. During the same quarter last year, the company earned ($0.95) EPS. On average, analysts predict that ConocoPhillips will post $0.21 earnings per share for the current year.
ConocoPhillips declared that its board has authorized a stock buyback plan on Wednesday, March 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the energy producer to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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In related news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.
A number of institutional investors have recently bought and sold shares of COP. Norges Bank bought a new position in ConocoPhillips during the fourth quarter valued at $496,521,000. Wellington Management Group LLP boosted its position in ConocoPhillips by 255.3% in the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after buying an additional 9,200,014 shares during the last quarter. FMR LLC boosted its position in ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after buying an additional 3,982,002 shares during the last quarter. State Street Corp boosted its position in ConocoPhillips by 3.9% in the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after buying an additional 2,452,533 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its position in ConocoPhillips by 21.0% in the first quarter. First Eagle Investment Management LLC now owns 10,065,496 shares of the energy producer’s stock valued at $501,966,000 after buying an additional 1,744,860 shares during the last quarter. 67.60% of the stock is owned by institutional investors.
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.
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