ConocoPhillips (NYSE:COP) Price Target Lowered to $57.00 at Citigroup Inc.
ConocoPhillips (NYSE:COP) had its price target reduced by equities researchers at Citigroup Inc. from $65.00 to $57.00 in a report issued on Friday. The brokerage presently has a “buy” rating on the energy producer’s stock. Citigroup Inc.’s target price suggests a potential upside of 33.65% from the company’s current price.
Other equities analysts have also issued reports about the company. UBS AG upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their price target for the company from $51.00 to $55.00 in a research note on Thursday, March 30th. Cowen and Company restated a “buy” rating on shares of ConocoPhillips in a research note on Friday, April 14th. Bank of America Corporation lowered ConocoPhillips from a “buy” rating to a “neutral” rating and lowered their price target for the company from $68.00 to $67.00 in a research note on Thursday, May 11th. Scotiabank set a $54.00 price objective on ConocoPhillips and gave the company a “buy” rating in a research note on Saturday, July 1st. Finally, Wolfe Research lowered ConocoPhillips from an “outperform” rating to a “market perform” rating in a research note on Monday. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $55.63.
Shares of ConocoPhillips (NYSE COP) traded down 1.34% on Friday, hitting $42.65. The stock had a trading volume of 6,480,573 shares. ConocoPhillips has a 1-year low of $38.80 and a 1-year high of $53.17. The stock’s market cap is $52.76 billion. The firm’s 50-day moving average is $44.32 and its 200 day moving average is $47.10.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share (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 firm had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. During the same quarter in the prior year, the firm earned ($0.95) earnings per share. Equities analysts forecast that ConocoPhillips will post $0.07 EPS for the current year.
ConocoPhillips announced that its board has approved a share buyback plan on Wednesday, March 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the energy producer to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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In related news, VP James D. Mcmorran sold 9,091 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $47.47, for a total value of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in COP. 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 worth $3,260,918,000 after buying an additional 2,452,533 shares during the period. 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 worth $3,066,900,000 after buying an additional 3,982,002 shares during the period. Macquarie Group Ltd. boosted its position in ConocoPhillips by 1.1% in the first quarter. Macquarie Group Ltd. now owns 15,981,830 shares of the energy producer’s stock worth $797,013,000 after buying an additional 176,055 shares during the period. 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 worth $638,530,000 after buying an additional 9,200,014 shares during the period. 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 worth $501,966,000 after buying an additional 1,744,860 shares during the period. Institutional investors and hedge funds 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.
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