ConocoPhillips (NYSE:COP) Trading Down 2.9% - What's Next?

Key Points

• ConocoPhillips (NYSE:COP) shares experienced a 2.9% decline during midday trading, with a significant drop in trading volume by 97% compared to the average session.
• Despite the stock's recent decline, analysts maintain a consensus rating of "Moderate Buy" with an average price target of $120.95, indicating strong confidence in the company's future performance.
• The company announced a quarterly dividend of $0.78 per share, reflecting a healthy annual yield of 3.3% and a payout ratio of 41.88%.

ConocoPhillips (NYSE:COP - Get Free Report) shares fell 2.9% during mid-day trading on Wednesday . The company traded as low as $97.33 and last traded at $96.12. 244,217 shares were traded during mid-day trading, a decline of 97% from the average session volume of 7,953,217 shares. The stock had previously closed at $98.99.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COP. Piper Sandler raised their target price on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial raised their price objective on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. UBS Group raised their price objective on ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Citigroup cut their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Finally, Wall Street Zen downgraded ConocoPhillips from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Sixteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $120.95.

ConocoPhillips Stock Down 3.8%

The firm has a 50 day moving average price of $94.49 and a 200-day moving average price of $93.21. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The firm has a market cap of $118.89 billion, a PE ratio of 12.77, a PEG ratio of 2.60 and a beta of 0.69.

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

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips's payout ratio is presently 41.88%.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the purchase, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COP. Howard Hughes Medical Institute acquired a new position in ConocoPhillips during the second quarter worth approximately $25,000. 10Elms LLP acquired a new position in ConocoPhillips during the fourth quarter worth $28,000. Bogart Wealth LLC grew its holdings in ConocoPhillips by 136.8% during the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer's stock worth $28,000 after acquiring an additional 182 shares during the period. Activest Wealth Management grew its holdings in ConocoPhillips by 249.5% during the second quarter. Activest Wealth Management now owns 325 shares of the energy producer's stock worth $29,000 after acquiring an additional 232 shares during the period. Finally, Financial Network Wealth Advisors LLC grew its holdings in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after acquiring an additional 222 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Company Profile

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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