Mizuho Lowers ConocoPhillips (NYSE:COP) Price Target to $120.00

Key Points

• Mizuho has reduced its price target for ConocoPhillips from $125.00 to $120.00, though it maintains an "outperform" rating, suggesting a potential upside of 29.22% from the current stock price.
• Additional analysts have varied in their price target adjustments, with Royal Bank of Canada lowering its target to $113.00 while Wells Fargo increased theirs to $117.00.
• ConocoPhillips reported earnings of $1.42 per share for the last quarter, exceeding expectations and indicating a year-over-year revenue growth of 4.3%.

ConocoPhillips (NYSE:COP - Get Free Report) had its price target decreased by investment analysts at Mizuho from $125.00 to $120.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the energy producer's stock. Mizuho's price target suggests a potential upside of 29.22% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada cut their price target on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a report on Friday, July 11th. Wells Fargo & Company restated an "overweight" rating and issued a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Melius Research assumed coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective on the stock. Scotiabank raised their target price on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Finally, Piper Sandler boosted their target price on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $120.62.

ConocoPhillips Trading Up 0.5%

COP traded up $0.43 during trading on Monday, reaching $92.86. 674,746 shares of the stock traded hands, compared to its average volume of 7,898,505. 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 stock's 50-day moving average is $94.75 and its 200 day moving average is $92.92. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The stock has a market capitalization of $115.98 billion, a PE ratio of 12.46, a P/E/G ratio of 2.43 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data 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. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same period last year, the company posted $1.98 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

Hedge Funds Weigh In On ConocoPhillips

Hedge funds have recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new position in ConocoPhillips in the 2nd quarter worth about $25,000. 10Elms LLP purchased a new stake in shares of ConocoPhillips in the 4th quarter valued at about $28,000. Bogart Wealth LLC boosted its position in shares of ConocoPhillips by 136.8% during the 2nd quarter. Bogart Wealth LLC now owns 315 shares of the energy producer's stock valued at $28,000 after acquiring an additional 182 shares during the last quarter. Activest Wealth Management grew its stake in ConocoPhillips by 249.5% in the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer's stock worth $29,000 after buying an additional 232 shares in the last quarter. Finally, Financial Network Wealth Advisors LLC increased its stake in ConocoPhillips by 341.5% in the first 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. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

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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