Truist Financial Issues Positive Forecast for ConocoPhillips (NYSE:COP) Stock Price

Key Points

• Truist Financial raised its ConocoPhillips price target from $136 to $142 but maintained a “hold” rating, implying 4.12% upside from the prior close.
• Analyst consensus remains “Moderate Buy,” with an average price target of $145.29; ratings include 19 Buy or Strong Buy, eight Hold, and one Sell.
• ConocoPhillips beat quarterly expectations, reporting $3.27 in earnings per share and $19.43 billion in revenue; revenue increased 29.2% year over year.

ConocoPhillips (NYSE:COP - Get Free Report) had its target price hoisted by research analysts at Truist Financial from $136.00 to $142.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "hold" rating on the energy producer's stock. Truist Financial's target price would indicate a potential upside of 4.12% from the stock's previous close.

Other equities research analysts also recently issued research reports about the company. Seaport Research Partners initiated coverage on ConocoPhillips in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. Susquehanna raised their price target on ConocoPhillips from $161.00 to $175.00 and gave the stock a "positive" rating in a report on Tuesday, October 20th. Barclays reduced their price target on ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. The Goldman Sachs Group reiterated a "buy" rating and set a $157.00 price objective on shares of ConocoPhillips in a research note on Tuesday, October 20th. Finally, UBS Group reissued an "outperform" rating on shares of ConocoPhillips in a report on Monday, November 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $145.29.

ConocoPhillips Stock Performance

NYSE COP opened at $136.38 on Monday. The company's 50 day moving average is $136.92 and its 200-day moving average is $122.10. ConocoPhillips has a 12-month low of $85.59 and a 12-month high of $154.28. The company has a quick ratio of 1.37, a current ratio of 1.52 and a debt-to-equity ratio of 0.34. The firm has a market cap of $163.83 billion, a P/E ratio of 14.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.16.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The energy producer reported $3.27 EPS for the quarter, topping the consensus estimate of $3.05 by $0.22. ConocoPhillips had a net margin of 16.55% and a return on equity of 17.60%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.59 billion. During the same period last year, the firm earned $1.61 EPS. ConocoPhillips's revenue for the quarter was up 29.2% on a year-over-year basis. Sell-side analysts predict that ConocoPhillips will post 11.84 earnings per share for the current year.

Insider Activity at ConocoPhillips

In other news, SVP Andrew Lundquist sold 9,487 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by company insiders.

Institutional Investors Weigh In On ConocoPhillips

Large investors have recently added to or reduced their stakes in the business. Carolina Wealth Advisors LLC purchased a new position in shares of ConocoPhillips in the third quarter worth about $28,000. Frazier Financial Advisors LLC lifted its holdings in shares of ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after purchasing an additional 145 shares during the period. Allied Private Wealth LLC purchased a new stake in ConocoPhillips in the second quarter valued at approximately $32,000. William Mack & Associates Inc. purchased a new stake in ConocoPhillips in the third quarter valued at approximately $34,000. Finally, Evergreen Advisors LLC purchased a new stake in ConocoPhillips in the first quarter valued at approximately $36,000. Institutional investors own 82.36% of the company's stock.

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.

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