Argus Increases ConocoPhillips (NYSE:COP) Price Target to $153.00

Key Points

• Argus raised ConocoPhillips’ price target to $153 from $136 and maintained a “buy” rating, implying 17.61% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $138.16; 19 analysts rate the stock Buy or Strong Buy.
• ConocoPhillips exceeded quarterly expectations, reporting $3.24 in earnings per share versus a $2.90 estimate and $19.52 billion in revenue, up 32.4% year over year.

ConocoPhillips (NYSE:COP - Get Free Report) had its price objective raised by investment analysts at Argus from $136.00 to $153.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the energy producer's stock. Argus' target price indicates a potential upside of 17.61% from the company's previous close.

Several other equities research analysts have also recently weighed in on the company. Royal Bank Of Canada set a $130.00 price target on ConocoPhillips in a research note on Monday, June 22nd. Roth Capital raised ConocoPhillips from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $124.00 to $130.00 in a research note on Monday, June 22nd. Jefferies Financial Group upped their target price on ConocoPhillips from $160.00 to $161.00 and gave the company a "buy" rating in a report on Monday, May 18th. Morgan Stanley restated an "overweight" rating and set a $147.00 price target on shares of ConocoPhillips in a report on Friday, August 7th. Finally, Weiss Ratings raised shares of ConocoPhillips from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.16.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $130.09 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The firm has a market cap of $156.29 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11. The firm's fifty day moving average is $114.31 and its 200-day moving average is $117.12.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. The business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.ConocoPhillips's quarterly revenue was up 32.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.42 earnings per share. Sell-side analysts predict that ConocoPhillips will post 10.05 earnings per share for the current year.

Institutional Trading of ConocoPhillips

Several hedge funds have recently modified their holdings of the stock. Patten Group Inc. raised its holdings in ConocoPhillips by 1.5% during the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer's stock valued at $719,000 after acquiring an additional 83 shares during the period. IFC Advisors LLC boosted its holdings in shares of ConocoPhillips by 0.4% in the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock worth $2,664,000 after acquiring an additional 84 shares during the period. Cornerstone Planning Group LLC boosted its holdings in shares of ConocoPhillips by 9.6% in the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock worth $124,000 after acquiring an additional 88 shares during the period. Blue Trust Inc. grew its position in shares of ConocoPhillips by 0.4% in the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after purchasing an additional 92 shares in the last quarter. Finally, Sigma Planning Corp grew its position in shares of ConocoPhillips by 0.6% in the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer's stock valued at $2,120,000 after purchasing an additional 94 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

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.

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