Zacks Investment Research Downgrades ConocoPhillips (COP) to Sell

ConocoPhillips (NYSE:COP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Being a firm in the exploration and production industry, ConocoPhillips’ profitability has expectedly been hit by this weakly priced oil and gas market. As a result, the company’s revenue has been decreasing at a CAGR of 33.8% over the last three years. We are concerned about the company’s escalating debt levels. It is to be noted that at the end of second-quarter 2017, ConocoPhillips had only $7.5 billion in cash and cash equivalents, while its debt had climbed to $23.5 billion. Moreover, the company’s cash flow is expected to remain tight even after the capital-expenditure reductions. Hence, we do not see any improvement in the company’s upstream operations unless there’s a recovery in commodity prices.”

A number of other equities research analysts also recently issued reports on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $54.00 price target on shares of ConocoPhillips in a research note on Friday, September 29th. Scotiabank reissued a “buy” rating and issued a $53.00 price target on shares of ConocoPhillips in a research note on Friday, September 29th. J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of ConocoPhillips in a research note on Saturday, September 16th. Jefferies Group LLC set a $54.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Finally, Piper Jaffray Companies set a $45.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research note on Friday, August 25th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $54.45.

Shares of ConocoPhillips (COP) traded up 1.43% during trading on Tuesday, hitting $49.61. 1,659,206 shares of the stock were exchanged. The company’s market cap is $60.37 billion. The stock’s 50 day moving average price is $46.49 and its 200-day moving average price is $45.98. ConocoPhillips has a one year low of $40.37 and a one year high of $53.17.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.16. The business had revenue of $8.88 billion for the quarter, compared to the consensus estimate of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same period in the previous year, the firm earned ($0.79) EPS. On average, analysts predict that ConocoPhillips will post $0.27 EPS for the current year.

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Institutional investors have recently modified their holdings of the company. Financial Management Professionals Inc. boosted its holdings in shares of ConocoPhillips by 0.3% in the 2nd quarter. Financial Management Professionals Inc. now owns 2,294 shares of the energy producer’s stock valued at $100,000 after buying an additional 6 shares in the last quarter. First Command Bank boosted its holdings in shares of ConocoPhillips by 9.4% in the 2nd quarter. First Command Bank now owns 2,313 shares of the energy producer’s stock valued at $101,000 after buying an additional 199 shares in the last quarter. Krilogy Financial LLC boosted its holdings in shares of ConocoPhillips by 48.6% in the 2nd quarter. Krilogy Financial LLC now owns 2,392 shares of the energy producer’s stock valued at $105,000 after buying an additional 782 shares in the last quarter. Advantage Investment Management LLC boosted its holdings in shares of ConocoPhillips by 65.3% in the 1st quarter. Advantage Investment Management LLC now owns 2,425 shares of the energy producer’s stock valued at $121,000 after buying an additional 958 shares in the last quarter. Finally, Westside Investment Management Inc. boosted its holdings in shares of ConocoPhillips by 468.4% in the 1st quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock valued at $119,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 68.90% of the company’s stock.

About ConocoPhillips

ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.

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