Wells Fargo & Company Lowers ConocoPhillips (NYSE:COP) Price Target to $116.00

ConocoPhillips (NYSE:COP) had its price objective decreased by analysts at Wells Fargo & Company from $131.00 to $116.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 33.98% from the stock’s current price.

A number of other equities research analysts also recently commented on COP. Truist Financial raised their target price on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. JPMorgan Chase & Co. reduced their price target on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Piper Sandler lowered their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a research note on Thursday, January 30th. Finally, Scotiabank dropped their price objective on ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $129.11.

ConocoPhillips Stock Performance

COP traded up $0.13 during trading on Tuesday, hitting $86.58. 639,643 shares of the stock were exchanged, compared to its average volume of 7,039,481. The firm has a market capitalization of $109.45 billion, a P/E ratio of 11.11, a PEG ratio of 0.79 and a beta of 0.83. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $132.61. The stock has a fifty day moving average price of $96.24 and a two-hundred day moving average price of $101.91. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

Hedge Funds Weigh In On ConocoPhillips

A number of institutional investors have recently added to or reduced their stakes in COP. Albion Financial Group UT lifted its stake in shares of ConocoPhillips by 876.9% in the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after acquiring an additional 228 shares in the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in ConocoPhillips during the 4th quarter worth approximately $26,000. Centricity Wealth Management LLC acquired a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $27,000. 10Elms LLP purchased a new position in shares of ConocoPhillips during the 4th quarter valued at approximately $28,000. Finally, Crowley Wealth Management Inc. acquired a new stake in shares of ConocoPhillips during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 82.36% 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 in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.