The Goldman Sachs Group Cuts ConocoPhillips (NYSE:COP) Price Target to $123.00

ConocoPhillips (NYSE:COPGet Rating) had its price target trimmed by The Goldman Sachs Group from $140.00 to $123.00 in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the energy producer’s stock.

COP has been the topic of several other reports. Mizuho boosted their target price on shares of ConocoPhillips from $150.00 to $157.00 and gave the company a buy rating in a report on Tuesday, May 31st. Royal Bank of Canada boosted their target price on shares of ConocoPhillips from $110.00 to $120.00 and gave the company an outperform rating in a report on Monday, March 7th. KeyCorp boosted their target price on shares of ConocoPhillips from $112.00 to $118.00 and gave the company an overweight rating in a report on Friday, April 8th. Morgan Stanley decreased their target price on shares of ConocoPhillips from $120.00 to $118.00 and set an overweight rating on the stock in a report on Monday, June 6th. Finally, Wells Fargo & Company boosted their target price on shares of ConocoPhillips from $114.00 to $130.00 and gave the company an overweight rating in a report on Friday, March 11th. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $110.91.

Shares of NYSE COP opened at $93.06 on Wednesday. ConocoPhillips has a 12-month low of $51.41 and a 12-month high of $124.08. The stock has a market cap of $120.37 billion, a PE ratio of 9.59, a P/E/G ratio of 0.33 and a beta of 1.34. The company has a current ratio of 1.51, a quick ratio of 1.41 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average of $105.05 and a 200 day moving average of $94.20.

ConocoPhillips (NYSE:COPGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The energy producer reported $3.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.24 by $0.03. ConocoPhillips had a net margin of 22.52% and a return on equity of 24.89%. The company had revenue of $19.29 billion during the quarter, compared to analysts’ expectations of $18.36 billion. During the same quarter in the prior year, the company earned $0.69 EPS. ConocoPhillips’s revenue was up 82.7% compared to the same quarter last year. On average, sell-side analysts forecast that ConocoPhillips will post 15 EPS for the current fiscal year.

The firm also recently announced a dividend, which will be paid on Friday, July 15th. Shareholders of record on Tuesday, June 28th will be issued a dividend of $0.70 per share. The ex-dividend date is Monday, June 27th. This is a positive change from ConocoPhillips’s previous dividend of $0.30. This represents a yield of 3.21%. ConocoPhillips’s dividend payout ratio is 18.97%.

In other ConocoPhillips news, CEO Ryan Michael Lance sold 584,900 shares of the stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $121.21, for a total value of $70,895,729.00. Following the sale, the chief executive officer now directly owns 44,522 shares of the company’s stock, valued at approximately $5,396,511.62. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nicholas G. Olds sold 19,200 shares of the stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $110.51, for a total transaction of $2,121,792.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 644,703 shares of company stock worth $77,172,426. 0.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. J.W. Cole Advisors Inc. grew its position in shares of ConocoPhillips by 2.5% in the 1st quarter. J.W. Cole Advisors Inc. now owns 25,302 shares of the energy producer’s stock valued at $2,530,000 after buying an additional 624 shares during the last quarter. Insight Advisors LLC PA purchased a new position in shares of ConocoPhillips in the 1st quarter valued at $355,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of ConocoPhillips by 16.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 248,502 shares of the energy producer’s stock valued at $24,851,000 after buying an additional 34,505 shares during the last quarter. Astoria Portfolio Advisors LLC. purchased a new position in shares of ConocoPhillips in the 1st quarter valued at $295,000. Finally, Walleye Capital LLC purchased a new position in shares of ConocoPhillips in the 1st quarter valued at $3,324,000. 78.80% of the stock is currently owned by hedge funds and other 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.

Featured Articles

Analyst Recommendations for ConocoPhillips (NYSE:COP)

Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.