Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $116.00

ConocoPhillips (NYSE:COP) had its price objective trimmed by Wells Fargo & Company from $131.00 to $116.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the energy producer’s stock.

COP has been the topic of several other reports. TD Cowen initiated coverage on shares of ConocoPhillips in a research report on Friday, January 17th. They issued a “buy” rating and a $125.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Scotiabank cut their target price 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. Piper Sandler lowered their price target on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, Morgan Stanley dropped their price target on ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $128.32.

ConocoPhillips Trading Up 3.0 %

Shares of ConocoPhillips stock opened at $88.96 on Tuesday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $130.77. The business’s fifty day moving average is $95.50 and its two-hundred day moving average is $101.58. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $112.46 billion, a PE ratio of 11.42, a P/E/G ratio of 0.79 and a beta of 0.83.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.51%. ConocoPhillips’s dividend payout ratio (DPR) is 40.05%.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in ConocoPhillips by 42.7% during the 3rd quarter. Tidal Investments LLC now owns 103,553 shares of the energy producer’s stock worth $10,902,000 after buying an additional 31,011 shares during the last quarter. Leavell Investment Management Inc. boosted its holdings in shares of ConocoPhillips by 59.8% during the fourth quarter. Leavell Investment Management Inc. now owns 19,166 shares of the energy producer’s stock valued at $1,901,000 after acquiring an additional 7,174 shares during the period. Brookstone Capital Management grew its position in shares of ConocoPhillips by 4.5% during the fourth quarter. Brookstone Capital Management now owns 8,855 shares of the energy producer’s stock worth $878,000 after acquiring an additional 383 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of ConocoPhillips by 2.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,474,270 shares of the energy producer’s stock worth $155,211,000 after acquiring an additional 32,948 shares during the period. Finally, Fiduciary Alliance LLC lifted its position in ConocoPhillips by 13.6% in the 4th quarter. Fiduciary Alliance LLC now owns 186,535 shares of the energy producer’s stock valued at $18,499,000 after purchasing an additional 22,378 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

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.