Zacks Investment Research cut shares of ConocoPhillips (NYSE:COP) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “ConocoPhillips is one of the largest exploration and production players in the world, based on proved reserves and production. During the second quarter, the company reported strong results following higher realized prices from commodities sold and production ramp up from numerous key developments. We appreciate the company’s initiative to divest assets worth $16 billion in 2017 and divert the proceeds toward oil rich Eagle Ford shale and Permian Basin. ConocoPhillips owns significant undrilled locations in the Eagle Ford shale that could lend access to huge oil reserves. Also, the company’s net cash flow from operations have been rising steadily since the beginning of 2017. However, we are concerned about the company’s escalating debt levels. It is to be noted that at the end of third-quarter 2017, ConocoPhillips had only $6.9 billion in cash and cash equivalents, while its debt climbed to $21 billion.”
Several other research firms have also recently issued reports on COP. Royal Bank of Canada set a $54.00 price objective on shares of ConocoPhillips and gave the stock a buy rating in a research report on Thursday, August 24th. Piper Jaffray Companies set a $45.00 price objective on shares of ConocoPhillips and gave the stock a buy rating in a research report on Friday, August 25th. Jefferies Group set a $54.00 price objective on shares of ConocoPhillips and gave the stock a buy rating in a research report on Tuesday, August 29th. Scotiabank restated a buy rating and set a $52.00 price objective on shares of ConocoPhillips in a research report on Friday, September 8th. Finally, J P Morgan Chase & Co restated an overweight rating on shares of ConocoPhillips in a research report on Saturday, September 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $55.41.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 26th. The energy producer reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.08. The business had revenue of $7.20 billion during the quarter, compared to analysts’ expectations of $6.55 billion. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. During the same period in the prior year, the business earned ($0.66) earnings per share. sell-side analysts anticipate that ConocoPhillips will post 0.55 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Monday, October 16th were paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Friday, October 13th. ConocoPhillips’s dividend payout ratio (DPR) is presently -57.30%.
In other ConocoPhillips news, Director Charles E. Bunch acquired 2,000 shares of the stock in a transaction dated Monday, December 11th. The stock was acquired at an average price of $52.06 per share, with a total value of $104,120.00. Following the completion of the purchase, the director now owns 3,429 shares in the company, valued at approximately $178,513.74. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Financial Management Professionals Inc. increased 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 acquiring an additional 6 shares during the period. Cornerstone Advisors Inc. grew its position in ConocoPhillips by 1.0% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,755 shares of the energy producer’s stock valued at $165,000 after buying an additional 37 shares during the last quarter. WFG Advisors LP grew its position in ConocoPhillips by 0.4% in the 2nd quarter. WFG Advisors LP now owns 9,611 shares of the energy producer’s stock valued at $423,000 after buying an additional 39 shares during the last quarter. Genesee Valley Trust Co. grew its position in ConocoPhillips by 0.6% in the 2nd quarter. Genesee Valley Trust Co. now owns 7,095 shares of the energy producer’s stock valued at $312,000 after buying an additional 45 shares during the last quarter. Finally, Girard Partners LTD. grew its position in ConocoPhillips by 0.6% in the 2nd quarter. Girard Partners LTD. now owns 8,434 shares of the energy producer’s stock valued at $371,000 after buying an additional 49 shares during the last quarter. 69.62% of the stock is owned by institutional investors and hedge funds.
ConocoPhillips Company Profile
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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