Piper Jaffray Companies Reiterates Buy Rating for ConocoPhillips (COP)
ConocoPhillips (NYSE:COP)‘s stock had its “buy” rating restated by research analysts at Piper Jaffray Companies in a report released on Thursday. They currently have a $52.00 price target on the energy producer’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 3.48% from the company’s current price.
COP has been the topic of a number of other research reports. Jefferies Group LLC set a $54.00 target price on ConocoPhillips and gave the stock a “buy” rating in a report on Tuesday, August 29th. Royal Bank Of Canada set a $54.00 target price on ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research cut ConocoPhillips from a “hold” rating to a “sell” rating in a report on Monday, July 17th. BidaskClub upgraded ConocoPhillips from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Scotiabank restated a “buy” rating and set a $52.00 target price on shares of ConocoPhillips in a report on Friday, September 8th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $54.20.
Shares of ConocoPhillips (NYSE:COP) opened at 50.25 on Thursday. The stock’s market capitalization is $61.15 billion. The firm’s 50-day moving average is $48.15 and its 200-day moving average is $46.16. ConocoPhillips has a 1-year low of $41.13 and a 1-year high of $53.17.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The firm had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same quarter last year, the business earned ($0.79) earnings per share. On average, analysts predict that ConocoPhillips will post $0.31 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of ConocoPhillips by 255.3% during the 1st quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock worth $638,530,000 after purchasing an additional 9,200,014 shares during the last quarter. BlackRock Inc. increased its position in shares of ConocoPhillips by 7.8% during the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after purchasing an additional 6,197,896 shares during the last quarter. FMR LLC increased its position in shares of ConocoPhillips by 6.9% during the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after purchasing an additional 3,982,002 shares during the last quarter. AJO LP increased its position in shares of ConocoPhillips by 3,000.7% during the 2nd quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock worth $131,353,000 after purchasing an additional 2,891,652 shares during the last quarter. Finally, State Street Corp increased its position in shares of ConocoPhillips by 3.9% during the 1st quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock worth $3,260,918,000 after purchasing an additional 2,452,533 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.
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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