ConocoPhillips (COP) Upgraded by Bank of America Corporation to “Buy”
Bank of America Corporation upgraded shares of ConocoPhillips (NYSE:COP) from a neutral rating to a buy rating in a research note published on Friday morning, Marketbeat Ratings reports. They currently have $58.00 price objective on the energy producer’s stock, up from their previous price objective of $51.00.
A number of other equities research analysts have also commented on COP. Royal Bank Of Canada set a $62.00 price target on ConocoPhillips and gave the stock a buy rating in a research report on Sunday, July 16th. Zacks Investment Research lowered ConocoPhillips from a hold rating to a sell rating in a research report on Monday, July 17th. BidaskClub upgraded ConocoPhillips from a strong sell rating to a sell rating in a research report on Wednesday, June 14th. Scotiabank set a $57.00 price target on ConocoPhillips and gave the stock a buy rating in a research report on Thursday, April 6th. Finally, Jefferies Group LLC restated a hold rating and set a $55.00 price target on shares of ConocoPhillips in a research report on Friday, May 5th. Four analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $55.18.
ConocoPhillips (COP) opened at 45.37 on Friday. The firm’s market cap is $55.21 billion. ConocoPhillips has a 52-week low of $38.80 and a 52-week high of $53.17. The company’s 50-day moving average price is $44.29 and its 200-day moving average price is $46.74.
ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, July 27th. The energy producer reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.75% and a negative net margin of 12.29%. The company had revenue of $8.88 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the company posted ($0.79) EPS. Analysts predict that ConocoPhillips will post $0.03 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, July 20th. ConocoPhillips’s payout ratio is presently -34.98%.
In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in COP. Financial Management Professionals Inc. boosted its position in ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock worth $114,000 after buying an additional 6 shares during the period. Gemmer Asset Management LLC boosted its position in ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock worth $108,000 after buying an additional 8 shares during the period. Canal Capital Management LLC boosted its position in ConocoPhillips by 0.3% in the second quarter. Canal Capital Management LLC now owns 6,342 shares of the energy producer’s stock worth $279,000 after buying an additional 22 shares during the period. Wendell David Associates Inc. boosted its position in ConocoPhillips by 0.3% in the second quarter. Wendell David Associates Inc. now owns 7,561 shares of the energy producer’s stock worth $332,000 after buying an additional 26 shares during the period. Finally, Sheets Smith Wealth Management boosted its position in ConocoPhillips by 0.3% in the second quarter. Sheets Smith Wealth Management now owns 13,694 shares of the energy producer’s stock worth $602,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 67.77% of the company’s stock.
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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