Howard Weil Downgrades ConocoPhillips (COP) to Outperform

ConocoPhillips (NYSE:COP) was downgraded by equities researchers at Howard Weil from a “focus list” rating to an “outperform” rating in a report released on Friday. They presently have a $58.00 price objective on the energy producer’s stock. Howard Weil’s target price indicates a potential upside of 4.50% from the company’s previous close.

COP has been the topic of several other reports. Royal Bank of Canada set a $54.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research note on Thursday, August 24th. Goldman Sachs Group raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Wednesday, December 13th. Wells Fargo & Co boosted their price objective on ConocoPhillips from $57.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, October 27th. Piper Jaffray Companies reissued a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research note on Friday, November 3rd. Finally, Scotiabank reissued a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research note on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $55.41.

Shares of ConocoPhillips (NYSE:COP) traded down $0.45 during mid-day trading on Friday, hitting $55.50. The stock had a trading volume of 3,834,195 shares, compared to its average volume of 6,181,870. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $56.21. The company has a quick ratio of 2.23, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $66,889.12, a PE ratio of -30.00, a price-to-earnings-growth ratio of 13.49 and a beta of 1.26.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. ConocoPhillips had a positive return on equity of 0.12% and a negative net margin of 7.32%. The firm had revenue of $7.20 billion for the quarter, compared to analysts’ expectations of $6.55 billion. During the same period in the previous year, the firm posted ($0.66) earnings per share. research analysts forecast that ConocoPhillips will post 0.55 EPS for the current fiscal year.

In other ConocoPhillips news, Director Charles E. Bunch bought 2,000 shares of the company’s stock in a transaction on Monday, December 11th. The stock was acquired at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the transaction, the director now directly owns 3,429 shares of the company’s stock, valued at $178,513.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.82% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in ConocoPhillips by 255.3% during the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after buying an additional 9,200,014 shares during the period. BlackRock Inc. lifted its holdings in ConocoPhillips by 7.8% during the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after buying an additional 6,197,896 shares during the period. FMR LLC lifted its holdings in ConocoPhillips by 6.9% during the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after buying an additional 3,982,002 shares during the period. AJO LP lifted its holdings in ConocoPhillips by 3,000.7% during the second quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock worth $131,353,000 after buying an additional 2,891,652 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in ConocoPhillips by 21.6% during the second quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock worth $528,635,000 after buying an additional 2,134,292 shares during the period. Hedge funds and other institutional investors own 69.62% of the company’s stock.

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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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