ConocoPhillips (NYSE:COP) PT Raised to $37.00

ConocoPhillips (NYSE:COP) had its price target raised by stock analysts at Mizuho from $33.00 to $37.00 in a research note issued on Thursday, The Fly reports. The brokerage presently has a “neutral” rating on the energy producer’s stock. Mizuho’s price target would indicate a potential downside of 14.51% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Goldman Sachs Group raised ConocoPhillips from a “buy” rating to a “conviction-buy” rating in a report on Monday, May 4th. Credit Suisse Group lifted their price objective on ConocoPhillips from $37.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, May 1st. ValuEngine raised ConocoPhillips from a “sell” rating to a “hold” rating in a report on Friday, May 1st. Raymond James cut their price objective on ConocoPhillips from $63.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, March 17th. Finally, Bank of America cut ConocoPhillips from a “buy” rating to a “neutral” rating and lifted their price target for the company from $43.00 to $46.00 in a report on Friday, May 1st. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $57.19.

COP stock traded down $0.44 during midday trading on Thursday, hitting $43.28. The stock had a trading volume of 4,673,997 shares, compared to its average volume of 8,641,900. The firm has a market capitalization of $46.89 billion, a price-to-earnings ratio of 13.57 and a beta of 1.71. ConocoPhillips has a 52 week low of $20.84 and a 52 week high of $67.13. The stock has a 50-day simple moving average of $37.56 and a 200 day simple moving average of $50.97. The company has a current ratio of 2.16, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $0.45 EPS for the quarter, topping the consensus estimate of $0.23 by $0.22. The firm had revenue of $4.81 billion during the quarter, compared to analysts’ expectations of $6.55 billion. ConocoPhillips had a return on equity of 10.02% and a net margin of 11.51%. During the same period last year, the business earned $1.00 earnings per share. On average, equities analysts forecast that ConocoPhillips will post -1.32 EPS for the current year.

ConocoPhillips declared that its board has initiated a stock buyback program on Tuesday, February 4th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the energy producer to purchase up to 15.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

In related news, Director David Thomas Seaton bought 2,400 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $41.03 per share, for a total transaction of $98,472.00. Following the transaction, the director now owns 2,500 shares of the company’s stock, valued at $102,575. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of COP. Massachusetts Financial Services Co. MA grew its position in shares of ConocoPhillips by 999.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 16,516,842 shares of the energy producer’s stock worth $508,719,000 after buying an additional 15,014,026 shares during the period. Norges Bank acquired a new position in shares of ConocoPhillips during the 4th quarter worth about $787,934,000. Capital International Investors grew its position in shares of ConocoPhillips by 41.4% during the 1st quarter. Capital International Investors now owns 25,605,628 shares of the energy producer’s stock worth $788,651,000 after buying an additional 7,497,157 shares during the period. BlackRock Inc. lifted its holdings in shares of ConocoPhillips by 8.6% during the 1st quarter. BlackRock Inc. now owns 86,102,053 shares of the energy producer’s stock valued at $2,651,945,000 after purchasing an additional 6,842,989 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of ConocoPhillips by 47.4% during the 4th quarter. Nuveen Asset Management LLC now owns 9,656,663 shares of the energy producer’s stock valued at $627,973,000 after purchasing an additional 3,103,199 shares in the last quarter. Institutional investors own 73.89% of the company’s stock.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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