ConocoPhillips (NYSE:COP) Given New $115.00 Price Target at Raymond James Financial

Key Points

• Raymond James Financial has reduced its price target for ConocoPhillips from $117.00 to $115.00, maintaining an "outperform" rating, which suggests a potential upside of 23.69% from the company’s previous close.
• ConocoPhillips reported earnings per share (EPS) of $1.42 for the last quarter, exceeding analysts' expectations of $1.36, with revenues of $14.94 billion.
• Research analysts have varying ratings for ConocoPhillips, with a consensus rating of "Moderate Buy" and an average target price of $120.86.

ConocoPhillips (NYSE:COP - Get Free Report) had its price target reduced by investment analysts at Raymond James Financial from $117.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the energy producer's stock. Raymond James Financial's target price would suggest a potential upside of 23.69% from the company's previous close.

A number of other equities research analysts have also recently commented on COP. Citigroup lowered their price objective on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Bank of America lowered their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Piper Sandler increased their price objective on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Morgan Stanley reissued an "overweight" rating and issued a $123.00 price objective (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, Royal Bank Of Canada lowered their price objective on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research note on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.86.

ConocoPhillips Stock Performance

Shares of COP opened at $92.97 on Monday. The company has a 50-day simple moving average of $94.76 and a 200-day simple moving average of $93.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $116.12 billion, a PE ratio of 12.48, a P/E/G ratio of 2.43 and a beta of 0.69. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.98 EPS. Equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ConocoPhillips

Hedge funds have recently modified their holdings of the company. Triumph Capital Management lifted its holdings in shares of ConocoPhillips by 6.7% during the 4th quarter. Triumph Capital Management now owns 2,364 shares of the energy producer's stock worth $234,000 after acquiring an additional 149 shares during the period. Ethic Inc. raised its stake in shares of ConocoPhillips by 208.4% during the fourth quarter. Ethic Inc. now owns 19,035 shares of the energy producer's stock valued at $1,888,000 after purchasing an additional 12,862 shares during the period. Focus Partners Wealth raised its stake in shares of ConocoPhillips by 29.5% during the fourth quarter. Focus Partners Wealth now owns 94,406 shares of the energy producer's stock valued at $9,362,000 after purchasing an additional 21,505 shares during the period. Janus Henderson Group PLC increased its stake in shares of ConocoPhillips by 7.0% in the fourth quarter. Janus Henderson Group PLC now owns 3,785,715 shares of the energy producer's stock worth $375,429,000 after buying an additional 248,283 shares during the last quarter. Finally, Lionshead Wealth Management LLC bought a new stake in shares of ConocoPhillips in the fourth quarter worth $226,000. 82.36% of the stock is owned by institutional investors and hedge funds.

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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