JPMorgan Chase & Co. Lowers ConocoPhillips (NYSE:COP) Price Target to $98.00

ConocoPhillips (NYSE:COP) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $102.00 to $98.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the energy producer’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 2.31% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Sanford C. Bernstein dropped their price target on shares of ConocoPhillips from $116.00 to $98.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. Morgan Stanley decreased their price objective on ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating for the company in a report on Thursday, November 20th. BMO Capital Markets cut their target price on ConocoPhillips from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of ConocoPhillips in a research note on Monday, December 29th. Finally, The Goldman Sachs Group cut their price objective on shares of ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Eighteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.76.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $100.32 on Tuesday. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $106.20. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35. The stock has a market cap of $123.97 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 2.61 and a beta of 0.32. The stock has a 50 day moving average of $92.16 and a 200-day moving average of $92.80.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The firm had revenue of $15.03 billion for the quarter, compared to analysts’ expectations of $14.51 billion. During the same quarter in the prior year, the firm posted $1.78 earnings per share. ConocoPhillips’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ryan Michael Lance sold 500,708 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the completion of the sale, the chief executive officer owned 325,972 shares in the company, valued at $30,152,410. This represents a 60.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Mcraven acquired 5,768 shares of the stock in a transaction dated Monday, November 10th. The stock was bought at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the purchase, the director owned 5,768 shares of the company’s stock, valued at $499,970.24. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.24% of the stock is owned by insiders.

Hedge Funds Weigh In On ConocoPhillips

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Apella Capital LLC raised its position in ConocoPhillips by 1.9% in the second quarter. Apella Capital LLC now owns 7,707 shares of the energy producer’s stock worth $713,000 after purchasing an additional 141 shares in the last quarter. Everpar Advisors LLC increased its stake in shares of ConocoPhillips by 138.7% in the 2nd quarter. Everpar Advisors LLC now owns 10,413 shares of the energy producer’s stock valued at $934,000 after buying an additional 6,051 shares during the period. FF Advisors LLC raised its holdings in ConocoPhillips by 12.8% during the 2nd quarter. FF Advisors LLC now owns 2,678 shares of the energy producer’s stock worth $240,000 after purchasing an additional 303 shares during the last quarter. Range Financial Group LLC lifted its position in ConocoPhillips by 7.8% during the 2nd quarter. Range Financial Group LLC now owns 3,538 shares of the energy producer’s stock valued at $318,000 after purchasing an additional 256 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of ConocoPhillips by 4.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 63,098 shares of the energy producer’s stock valued at $5,662,000 after purchasing an additional 2,918 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.