ConocoPhillips (NYSE:COP) Given New $118.00 Price Target at Morgan Stanley

ConocoPhillips (NYSE:COPGet Rating) had its price target cut by Morgan Stanley from $120.00 to $118.00 in a note issued to investors on Monday, Stock Target Advisor reports. The firm currently has an “overweight” rating on the energy producer’s stock. Morgan Stanley’s target price suggests a potential upside of 0.31% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Raymond James upped their price objective on shares of ConocoPhillips from $120.00 to $160.00 and gave the stock a “strong-buy” rating in a report on Monday, April 25th. Scotiabank upgraded ConocoPhillips from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $110.00 to $115.00 in a research report on Monday, April 18th. Truist Financial boosted their price objective on ConocoPhillips from $115.00 to $130.00 in a report on Thursday, April 21st. StockNews.com upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, May 14th. Finally, Wells Fargo & Company boosted their price target on shares of ConocoPhillips from $114.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, March 11th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $106.04.

Shares of ConocoPhillips stock traded down $0.49 during mid-day trading on Monday, hitting $117.63. The stock had a trading volume of 79,843 shares, compared to its average volume of 8,454,717. The firm has a 50-day moving average of $102.87 and a two-hundred day moving average of $91.15. The firm has a market cap of $152.15 billion, a P/E ratio of 12.12, a price-to-earnings-growth ratio of 0.41 and a beta of 1.34. The company has a quick ratio of 1.41, a current ratio of 1.51 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 12-month low of $51.41 and a 12-month high of $118.66.

ConocoPhillips (NYSE:COPGet Rating) last posted its earnings results on Thursday, May 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.24 by $0.03. The company had revenue of $19.29 billion during the quarter, compared to analysts’ expectations of $18.36 billion. ConocoPhillips had a return on equity of 24.89% and a net margin of 22.52%. The firm’s quarterly revenue was up 82.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. Sell-side analysts expect that ConocoPhillips will post 15.07 earnings per share for the current year.

In related news, EVP Nicholas G. Olds sold 19,200 shares of the company’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $110.51, for a total value of $2,121,792.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy A. Leach sold 40,603 shares of ConocoPhillips stock in a transaction that occurred on Thursday, May 19th. The stock was sold at an average price of $102.33, for a total value of $4,154,904.99. Following the transaction, the director now directly owns 666,002 shares in the company, valued at approximately $68,151,984.66. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the business. Capital World Investors boosted its stake in shares of ConocoPhillips by 62.4% during the first quarter. Capital World Investors now owns 23,463,085 shares of the energy producer’s stock worth $2,346,309,000 after buying an additional 9,014,700 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in ConocoPhillips during the 1st quarter worth approximately $702,569,000. BlackRock Inc. grew its stake in shares of ConocoPhillips by 3.4% in the 4th quarter. BlackRock Inc. now owns 111,073,845 shares of the energy producer’s stock valued at $8,017,310,000 after purchasing an additional 3,652,817 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of ConocoPhillips by 28.2% in the first quarter. Capital Research Global Investors now owns 12,335,053 shares of the energy producer’s stock valued at $1,233,506,000 after purchasing an additional 2,715,820 shares during the period. Finally, Cowa LLC lifted its holdings in shares of ConocoPhillips by 6,475.2% during the first quarter. Cowa LLC now owns 2,375,224 shares of the energy producer’s stock worth $2,383,000 after purchasing an additional 2,339,100 shares during the period. 78.80% of the stock is currently owned by institutional investors.

ConocoPhillips Company Profile (Get Rating)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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