Royal Bank Of Canada Reiterates $62.00 Price Target for ConocoPhillips (NYSE:COP)
Several other research firms have also issued reports on COP. Scotiabank set a $54.00 target price on shares of ConocoPhillips and gave the stock a buy rating in a report on Saturday, July 1st. Sanford C. Bernstein lowered shares of ConocoPhillips from an outperform rating to a market perform rating and lowered their target price for the stock from $63.00 to $42.00 in a report on Thursday, July 6th. Bank of America Corporation lowered shares of ConocoPhillips from a buy rating to a neutral rating and lowered their target price for the stock from $68.00 to $67.00 in a report on Thursday, May 11th. Jefferies Group LLC restated a hold rating and issued a $55.00 target price on shares of ConocoPhillips in a report on Friday, May 5th. Finally, Cowen and Company restated a buy rating on shares of ConocoPhillips in a report on Friday, April 14th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $55.56.
ConocoPhillips (NYSE COP) opened at 43.66 on Friday. The stock’s market cap is $54.01 billion. The firm has a 50 day moving average of $44.37 and a 200-day moving average of $47.13. ConocoPhillips has a 52-week low of $38.80 and a 52-week high of $53.17.
ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Tuesday, May 2nd. The energy producer reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.05. ConocoPhillips had a negative net margin of 5.05% and a negative return on equity of 5.92%. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.47 billion. During the same quarter last year, the business earned ($0.95) EPS. Equities analysts anticipate that ConocoPhillips will post $0.19 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, July 24th will be given a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is -95.50%.
ConocoPhillips declared that its board has approved a share repurchase plan on Wednesday, March 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the energy producer to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
In other ConocoPhillips news, VP James D. Mcmorran sold 9,091 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $47.47, for a total transaction of $431,549.77. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.82% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sheets Smith Wealth Management increased 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. Sentinel Trust Co. LBA increased its position in ConocoPhillips by 9.7% in the second quarter. Sentinel Trust Co. LBA now owns 14,525 shares of the energy producer’s stock worth $639,000 after buying an additional 1,290 shares during the period. Reilly Financial Advisors LLC increased its position in ConocoPhillips by 20.5% in the second quarter. Reilly Financial Advisors LLC now owns 2,758 shares of the energy producer’s stock worth $121,000 after buying an additional 470 shares during the period. Founders Capital Management increased its position in ConocoPhillips by 0.5% in the second quarter. Founders Capital Management now owns 13,309 shares of the energy producer’s stock worth $585,000 after buying an additional 60 shares during the period. Finally, Highland Capital Management LLC increased its position in ConocoPhillips by 0.4% in the second quarter. Highland Capital Management LLC now owns 177,739 shares of the energy producer’s stock worth $7,813,000 after buying an additional 741 shares during the period. 67.60% of the stock is currently owned by institutional investors and hedge funds.
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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