ConocoPhillips (NYSE:COP) Price Target Lowered to $142.00 at Raymond James Financial

Key Points

• Raymond James cut ConocoPhillips’ price target from $145 to $142 while keeping an Outperform rating, implying about 21% upside from the prior close.
• Other analysts remain constructive on COP, with several firms raising targets recently and the stock carrying a Moderate Buy consensus and average target of $134.48.
• ConocoPhillips recently beat quarterly earnings estimates, posting $1.89 EPS versus $1.72 expected, though revenue fell 6.1% year over year and insiders sold shares during the quarter.

ConocoPhillips (NYSE:COP - Get Free Report) had its price target cut by research analysts at Raymond James Financial from $145.00 to $142.00 in a research note issued to investors on Monday,MarketScreener reports. The brokerage presently has an "outperform" rating on the energy producer's stock. Raymond James Financial's price target would indicate a potential upside of 21.29% from the company's previous close.

A number of other research firms have also weighed in on COP. Sanford C. Bernstein lifted their price objective on shares of ConocoPhillips from $98.00 to $121.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Piper Sandler raised their target price on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Wells Fargo & Company lifted their target price on shares of ConocoPhillips from $132.00 to $133.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Mizuho boosted their price target on shares of ConocoPhillips from $136.00 to $150.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of ConocoPhillips from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Seventeen investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $134.48.

ConocoPhillips Stock Performance

Shares of COP traded up $3.09 during mid-day trading on Monday, hitting $117.07. 332,310 shares of the company's stock were exchanged, compared to its average volume of 9,106,536. The firm has a market capitalization of $142.63 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.28 and a beta of 0.11. ConocoPhillips has a fifty-two week low of $85.23 and a fifty-two week high of $135.87. The business's 50 day moving average is $123.09 and its two-hundred day moving average is $108.61. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, topping analysts' consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to analysts' expectations of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm's revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the firm earned $2.09 EPS. On average, equities analysts expect that ConocoPhillips will post 9.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Andrew D. Lundquist sold 34,500 shares of ConocoPhillips stock in a transaction on Friday, March 13th. The stock was sold at an average price of $119.68, for a total transaction of $4,128,960.00. Following the completion of the transaction, the senior vice president directly owned 17,469 shares of the company's stock, valued at approximately $2,090,689.92. The trade was a 66.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Kelly Brunetti Rose sold 7,700 shares of the business's stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $130.03, for a total value of $1,001,231.00. Following the sale, the senior vice president owned 25,284 shares in the company, valued at approximately $3,287,678.52. The trade was a 23.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 734,891 shares of company stock worth $93,345,692. 0.09% of the stock is owned by insiders.

Hedge Funds Weigh In On ConocoPhillips

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of ConocoPhillips by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer's stock worth $11,256,713,000 after purchasing an additional 408,304 shares during the last quarter. Capital International Investors grew its holdings in ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer's stock valued at $4,527,230,000 after purchasing an additional 2,714,663 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of ConocoPhillips by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer's stock worth $3,880,151,000 after buying an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. grew its position in ConocoPhillips by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer's stock valued at $1,407,770,000 after acquiring an additional 648,432 shares during the period. Finally, Fisher Asset Management LLC increased its stake in ConocoPhillips by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer's stock worth $1,389,862,000 after acquiring an additional 193,401 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other 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.

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