Bank of America Lowers ConocoPhillips (NYSE:COP) Price Target to $106.00

ConocoPhillips (NYSE:COP - Get Free Report) had its target price reduced by investment analysts at Bank of America from $107.00 to $106.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the energy producer's stock. Bank of America's price objective would indicate a potential upside of 24.15% from the stock's current price.

A number of other analysts have also commented on COP. UBS Group decreased their price objective on ConocoPhillips from $116.00 to $111.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley raised their price target on shares of ConocoPhillips from $116.00 to $118.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Scotiabank lowered their price target on shares of ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating for the company in a report on Friday, April 11th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a research note on Thursday, January 30th. Finally, Royal Bank of Canada decreased their target price on shares of ConocoPhillips from $133.00 to $120.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $121.89.

ConocoPhillips Price Performance

ConocoPhillips stock traded down $0.75 during trading hours on Friday, hitting $85.38. The stock had a trading volume of 2,485,326 shares, compared to its average volume of 7,348,900. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $119.43. The stock has a market capitalization of $107.93 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 0.79 and a beta of 0.64. The stock's fifty day moving average is $92.45 and its two-hundred day moving average is $98.54. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The business had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same period in the prior year, the business earned $2.05 earnings per share. As a group, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConocoPhillips

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COP. Murphy & Mullick Capital Management Corp acquired a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new stake in shares of ConocoPhillips in the fourth quarter worth $27,000. 10Elms LLP acquired a new stake in ConocoPhillips in the fourth quarter valued at $28,000. Financial Network Wealth Advisors LLC boosted its stake in ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Finally, Stone House Investment Management LLC acquired a new position in ConocoPhillips during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.

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