ConocoPhillips (COP) Stock Rating Upgraded by Goldman Sachs Group

ConocoPhillips (NYSE:COP) was upgraded by investment analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $60.00 price target on the energy producer’s stock. Goldman Sachs Group’s price target indicates a potential upside of 14.70% from the company’s previous close.

COP has been the subject of several other reports. Royal Bank of Canada set a $54.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Thursday, August 24th. Wells Fargo & Company raised their price objective on shares of ConocoPhillips from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, October 27th. Piper Jaffray Companies restated a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research note on Friday, November 3rd. Scotiabank restated a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research note on Wednesday, November 1st. Finally, Jefferies Group set a $54.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research note on Tuesday, August 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. ConocoPhillips presently has a consensus rating of “Buy” and a consensus price target of $55.47.

Shares of ConocoPhillips (COP) traded up $0.63 during trading on Wednesday, hitting $52.31. 6,400,413 shares of the company traded hands, compared to its average volume of 7,080,155. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.23 and a current ratio of 2.38. The company has a market cap of $62,540.00, a price-to-earnings ratio of 2,598.00, a price-to-earnings-growth ratio of 12.53 and a beta of 1.26. ConocoPhillips has a 52 week low of $42.26 and a 52 week high of $54.22.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The company had revenue of $7.20 billion during the quarter, compared to analyst estimates of $6.55 billion. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. During the same period last year, the business earned ($0.66) EPS. equities analysts anticipate that ConocoPhillips will post 0.55 EPS for the current fiscal year.

In related news, Director Charles E. Bunch purchased 2,000 shares of the company’s stock in a transaction dated Monday, December 11th. The shares were purchased at an average price of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of ConocoPhillips by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 90,547,596 shares of the energy producer’s stock valued at $3,980,473,000 after acquiring an additional 1,694,618 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ConocoPhillips by 7.8% during the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after acquiring an additional 6,197,896 shares during the last quarter. FMR LLC boosted its holdings in shares of ConocoPhillips by 6.9% during the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after acquiring an additional 3,982,002 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ConocoPhillips by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 15,774,835 shares of the energy producer’s stock valued at $693,462,000 after acquiring an additional 397,339 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of ConocoPhillips by 255.3% during the 1st quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after acquiring an additional 9,200,014 shares during the last quarter. 69.87% of the stock is currently owned by hedge funds and other institutional investors.

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About ConocoPhillips

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.

Analyst Recommendations for ConocoPhillips (NYSE:COP)

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