Mizuho Issues Positive Forecast for ConocoPhillips (NYSE:COP) Stock Price

Key Points

• Mizuho raised its price target on ConocoPhillips from $136 to $150 and kept an “outperform” rating, implying about 28.6% upside from the prior close.
• Other analysts were mixed but generally constructive: several firms lifted targets recently, while BMO trimmed its target. Overall, ConocoPhillips has a consensus rating of “Moderate Buy” with a consensus price target of $134.60.
• ConocoPhillips reported better-than-expected quarterly earnings of $1.89 per share versus $1.72 expected, with revenue of $15.76 billion also topping estimates. However, insiders have sold shares recently, and the stock was trading at $116.69, below Mizuho’s target.

ConocoPhillips (NYSE:COP - Get Free Report) had its price target boosted by analysts at Mizuho from $136.00 to $150.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the energy producer's stock. Mizuho's price objective would suggest a potential upside of 28.55% from the stock's previous close.

A number of other research firms also recently weighed in on COP. BMO Capital Markets cut their price target on ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. The Goldman Sachs Group upped their price objective on shares of ConocoPhillips from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, February 6th. Citigroup upped their price objective on shares of ConocoPhillips from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Morgan Stanley upped their price objective on shares of ConocoPhillips from $149.00 to $153.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Finally, Wolfe Research upped their price objective on shares of ConocoPhillips from $138.00 to $144.00 and gave the company an "outperform" rating in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $134.60.

ConocoPhillips Stock Performance

COP stock opened at $116.69 on Wednesday. The business's fifty day moving average is $123.57 and its 200-day moving average is $108.02. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The company has a market cap of $142.16 billion, a P/E ratio of 19.81, a price-to-earnings-growth ratio of 1.35 and a beta of 0.14. ConocoPhillips has a twelve month low of $84.28 and a twelve month high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm's quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.09 EPS. Equities research analysts forecast that ConocoPhillips will post 9.92 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Heather G. Hrap sold 2,654 shares of the company's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $119.68, for a total value of $317,630.72. Following the completion of the sale, the senior vice president owned 5,663 shares in the company, valued at $677,747.84. This represents a 31.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Brunetti Rose sold 7,700 shares of the stock in a transaction dated 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 transaction, the senior vice president owned 25,284 shares of the company's stock, valued at approximately $3,287,678.52. This trade represents a 23.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 734,891 shares of company stock worth $93,345,692 over the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ConocoPhillips

Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in shares of ConocoPhillips by 14.7% in the 3rd quarter. Victory Capital Management Inc. now owns 2,331,176 shares of the energy producer's stock valued at $220,506,000 after acquiring an additional 298,245 shares in the last quarter. Natixis Advisors LLC lifted its stake in ConocoPhillips by 8.7% in the 3rd quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer's stock valued at $188,842,000 after purchasing an additional 160,410 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in ConocoPhillips by 31.2% in the 4th quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer's stock valued at $8,067,000 after purchasing an additional 20,501 shares during the last quarter. AE Wealth Management LLC lifted its stake in ConocoPhillips by 107.5% in the 3rd quarter. AE Wealth Management LLC now owns 103,430 shares of the energy producer's stock valued at $9,783,000 after purchasing an additional 53,587 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda acquired a new stake in ConocoPhillips in the 3rd quarter valued at about $1,892,000. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Company Profile

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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