Truist Financial Forecasts Strong Price Appreciation for ConocoPhillips (NYSE:COP) Stock

Key Points

• Truist Financial raised its ConocoPhillips price target from $115 to $130 while maintaining a “hold” rating, implying 6.23% upside from the stock’s current price.
• Analyst sentiment is broadly positive: 18 analysts rate COP a Buy, nine a Hold and one a Sell, producing a “Moderate Buy” consensus and an average target of $137.04.
• ConocoPhillips reported stronger-than-expected quarterly results, with adjusted earnings of $3.24 per share versus $2.90 expected and revenue of $19.52 billion, up 32.4% year over year; shares rose 4.1% to $122.38.

ConocoPhillips (NYSE:COP - Get Free Report) had its target price upped by research analysts at Truist Financial from $115.00 to $130.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "hold" rating on the energy producer's stock. Truist Financial's target price indicates a potential upside of 6.23% from the stock's current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley restated an "overweight" rating and set a $147.00 target price on shares of ConocoPhillips in a research note on Friday. Sanford C. Bernstein boosted their price objective on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. BMO Capital Markets dropped their target price on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Susquehanna lifted their price target on shares of ConocoPhillips from $152.00 to $155.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Finally, Capital One Financial reduced their price target on shares of ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating for the company in a research report on Monday, May 18th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $137.04.

ConocoPhillips Stock Up 4.1%

Shares of COP stock traded up $4.77 on Monday, reaching $122.38. 2,479,490 shares of the stock were exchanged, compared to its average volume of 8,518,950. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The business's 50 day moving average price is $113.08 and its 200 day moving average price is $115.73. The company has a market capitalization of $147.02 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 1.38 and a beta of 0.11. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. The company had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.ConocoPhillips's quarterly revenue was up 32.4% on a year-over-year basis. During the same period last year, the firm earned $1.42 earnings per share. As a group, sell-side analysts expect that ConocoPhillips will post 9.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of ConocoPhillips during the fourth quarter worth about $25,000. Strive Asset Management LLC purchased a new stake in ConocoPhillips during the 3rd quarter valued at approximately $28,000. Frazier Financial Advisors LLC lifted its position in ConocoPhillips by 151.0% during the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock worth $32,000 after acquiring an additional 145 shares during the period. Allied Private Wealth LLC acquired a new stake in ConocoPhillips during the 2nd quarter worth approximately $32,000. Finally, BNP Paribas purchased a new position in shares of ConocoPhillips in the 2nd quarter valued at approximately $33,000. 82.36% of the stock is 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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