Scotiabank Increases ConocoPhillips (NYSE:COP) Price Target to $100.00

ConocoPhillips (NYSE:COP) had its price target lifted by equities research analysts at Scotiabank from $95.00 to $100.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the energy producer’s stock. Scotiabank’s target price points to a potential upside of 4.54% from the stock’s current price.

A number of other brokerages have also issued reports on COP. Bank of America cut their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Piper Sandler upped their price objective on shares of ConocoPhillips from $107.00 to $113.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. UBS Group dropped their price objective on shares of ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, Mizuho dropped their price objective on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $122.15.

ConocoPhillips Trading Up 0.3%

Shares of ConocoPhillips stock opened at $95.66 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $118.40. The firm has a market capitalization of $120.93 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 2.58 and a beta of 0.61. The firm’s 50 day simple moving average is $90.58 and its two-hundred day simple moving average is $94.75.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The business had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same quarter in the prior year, the business posted $2.05 EPS. Analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On ConocoPhillips

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Capital Wealth Advisors lifted its holdings in ConocoPhillips by 119.7% during the second quarter. Vanguard Capital Wealth Advisors now owns 6,700 shares of the energy producer’s stock valued at $601,000 after purchasing an additional 3,650 shares in the last quarter. Meriwether Wealth & Planning LLC raised its position in shares of ConocoPhillips by 2.7% in the second quarter. Meriwether Wealth & Planning LLC now owns 10,688 shares of the energy producer’s stock valued at $959,000 after buying an additional 282 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of ConocoPhillips by 10.8% in the second quarter. Farther Finance Advisors LLC now owns 30,166 shares of the energy producer’s stock valued at $2,707,000 after buying an additional 2,930 shares during the last quarter. CX Institutional raised its position in shares of ConocoPhillips by 32.5% in the second quarter. CX Institutional now owns 77,993 shares of the energy producer’s stock valued at $6,999,000 after buying an additional 19,148 shares during the last quarter. Finally, Weatherly Asset Management L. P. raised its position in shares of ConocoPhillips by 1.0% in the second quarter. Weatherly Asset Management L. P. now owns 61,879 shares of the energy producer’s stock valued at $5,553,000 after buying an additional 625 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

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.