ConocoPhillips (NYSE:COP) Given New $122.00 Price Target at Morgan Stanley

ConocoPhillips (NYSE:COP) had its price objective lowered by Morgan Stanley from $123.00 to $122.00 in a report published on Tuesday morning, MarketBeat reports. The brokerage currently has an overweight rating on the energy producer’s stock.

COP has been the topic of several other research reports. Roth Capital reissued a “buy” rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Jefferies Financial Group reduced their target price on shares of ConocoPhillips from $129.00 to $120.00 and set a “buy” rating on the stock in a report on Monday. Evercore ISI reduced their target price on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a report on Monday, October 6th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Monday. Finally, Wall Street Zen raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $117.13.

ConocoPhillips Stock Down 0.7%

Shares of COP opened at $88.17 on Tuesday. The stock has a market capitalization of $110.11 billion, a PE ratio of 11.83, a P/E/G ratio of 2.36 and a beta of 0.62. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company’s 50-day simple moving average is $94.42 and its 200-day simple moving average is $92.32.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 earnings per share. Analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds have recently modified their holdings of COP. Howard Hughes Medical Institute purchased a new position in shares of ConocoPhillips during the second quarter worth approximately $25,000. Bogart Wealth LLC grew its position in shares of ConocoPhillips by 136.8% during the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after acquiring an additional 182 shares during the last quarter. Activest Wealth Management grew its position in shares of ConocoPhillips by 249.5% during the second quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after acquiring an additional 232 shares during the last quarter. Financial Network Wealth Advisors LLC grew its position in shares of ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Finally, Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips during the first quarter worth approximately $31,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

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.