Piper Sandler Issues Pessimistic Forecast for ConocoPhillips (NYSE:COP) Stock Price

ConocoPhillips (NYSE:COP) had its target price decreased by stock analysts at Piper Sandler from $124.00 to $115.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage presently has an “overweight” rating on the energy producer’s stock. Piper Sandler’s target price indicates a potential upside of 30.44% from the company’s previous close.

Other analysts have also issued reports about the stock. Mizuho reduced their price objective on shares of ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Capital One Financial upped their price objective on shares of ConocoPhillips from $111.00 to $112.00 in a research note on Friday, October 3rd. Scotiabank upped their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research note on Friday, July 11th. Wall Street Zen raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $117.13.

ConocoPhillips Stock Performance

NYSE:COP opened at $88.17 on Monday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average of $94.42 and a 200-day moving average of $92.32. The firm has a market cap of $110.11 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 2.36 and a beta of 0.62.

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

Institutional Trading of ConocoPhillips

Hedge funds have recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new position in ConocoPhillips during the second quarter valued at approximately $25,000. Bogart Wealth LLC raised its position in ConocoPhillips by 136.8% during the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock valued at $28,000 after acquiring an additional 182 shares in the last quarter. Activest Wealth Management raised its position in ConocoPhillips by 249.5% during the second quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 232 shares in the last quarter. Financial Network Wealth Advisors LLC raised its position in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Finally, Stone House Investment Management LLC bought a new position in ConocoPhillips during the first quarter valued at approximately $31,000. 82.36% of the stock is 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.