Royal Bank of Canada set a $70.00 target price on ConocoPhillips (NYSE:COP) in a research report sent to investors on Friday morning. The brokerage currently has a buy rating on the energy producer’s stock.
Several other brokerages have also weighed in on COP. Morgan Stanley lifted their price objective on ConocoPhillips from $48.00 to $65.00 and gave the stock an equal weight rating in a report on Wednesday, January 24th. Cowen set a $70.00 price objective on ConocoPhillips and gave the stock a buy rating in a report on Thursday, January 18th. Howard Weil lowered ConocoPhillips from a focus list rating to an outperform rating and set a $58.00 price objective for the company. in a report on Friday, December 22nd. Barclays lifted their price objective on ConocoPhillips from $59.00 to $72.00 and gave the stock an overweight rating in a report on Friday, February 2nd. Finally, Zacks Investment Research raised ConocoPhillips from a hold rating to a strong-buy rating and set a $66.00 price objective for the company in a report on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $60.42.
Shares of ConocoPhillips stock opened at $64.90 on Friday. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $65.00. The firm has a market cap of $76,230.12, a PE ratio of 88.90, a price-to-earnings-growth ratio of 1.91 and a beta of 1.22. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.56.
ConocoPhillips declared that its Board of Directors has approved a stock repurchase program on Thursday, February 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the energy producer to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other ConocoPhillips news, SVP Andrew D. Lundquist sold 25,000 shares of the firm’s stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $58.96, for a total value of $1,474,000.00. Following the completion of the transaction, the senior vice president now owns 27,353 shares in the company, valued at approximately $1,612,732.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of ConocoPhillips by 468.8% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,820 shares of the energy producer’s stock valued at $100,000 after acquiring an additional 1,500 shares during the last quarter. Rocky Mountain Advisers LLC boosted its position in shares of ConocoPhillips by 140.2% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 2,392 shares of the energy producer’s stock valued at $120,000 after acquiring an additional 1,396 shares during the last quarter. Truewealth LLC bought a new stake in shares of ConocoPhillips during the 4th quarter valued at about $138,000. Valeo Financial Advisors LLC bought a new stake in shares of ConocoPhillips during the 3rd quarter valued at about $142,000. Finally, Highlander Capital Management LLC boosted its position in shares of ConocoPhillips by 74.6% during the 3rd quarter. Highlander Capital Management LLC now owns 2,856 shares of the energy producer’s stock valued at $143,000 after acquiring an additional 1,220 shares during the last quarter. Institutional investors and hedge funds own 71.14% of the company’s stock.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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