Royal Bank of Canada Cuts ConocoPhillips (NYSE:COP) Price Target to $115.00

ConocoPhillips (NYSE:COP - Get Free Report) had its target price decreased by Royal Bank of Canada from $120.00 to $115.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the energy producer's stock. Royal Bank of Canada's price objective suggests a potential upside of 35.10% from the company's previous close.

A number of other research analysts have also weighed in on the stock. UBS Group decreased their target price on shares of ConocoPhillips from $116.00 to $111.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Scotiabank reduced their price objective on ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Friday, April 11th. Raymond James reiterated an "outperform" rating and set a $109.00 price target (up previously from $103.00) on shares of ConocoPhillips in a report on Tuesday, May 20th. Morgan Stanley lifted their price target on ConocoPhillips from $116.00 to $118.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Piper Sandler reduced their price target on ConocoPhillips from $114.00 to $107.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.63.

ConocoPhillips Price Performance

COP stock traded down $0.48 during midday trading on Friday, reaching $85.12. The stock had a trading volume of 20,169,963 shares, compared to its average volume of 7,395,001. The company's fifty day simple moving average is $90.46 and its 200 day simple moving average is $97.34. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. The company has a market cap of $107.61 billion, a price-to-earnings ratio of 10.93, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. The firm had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. During the same period last year, the firm posted $2.05 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConocoPhillips

Several institutional investors and hedge funds have recently modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new stake in ConocoPhillips during the fourth quarter worth about $26,000. Centricity Wealth Management LLC purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $27,000. 10Elms LLP purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $28,000. Financial Network Wealth Advisors LLC increased its stake in ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares during the period. Finally, Stone House Investment Management LLC purchased a new stake in shares of ConocoPhillips during the first quarter worth $31,000. Hedge funds and other institutional investors 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.