Wolfe Research Downgrades ConocoPhillips (NYSE:COP) to Market Perform
ConocoPhillips (NYSE:COP) was downgraded by stock analysts at Wolfe Research from an “outperform” rating to a “market perform” rating in a report issued on Monday, The Fly reports.
COP has been the subject of several other reports. Scotiabank set a $53.00 target price on ConocoPhillips and gave the stock a “buy” rating in a research report on Monday, March 27th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $62.00 target price on shares of ConocoPhillips in a research report on Thursday, June 15th. BidaskClub raised ConocoPhillips from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $55.00 target price on shares of ConocoPhillips in a research report on Friday, May 5th. Finally, Vetr cut ConocoPhillips from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. ConocoPhillips currently has a consensus rating of “Hold” and an average target price of $55.77.
ConocoPhillips (NYSE COP) traded down 0.37% during mid-day trading on Monday, reaching $43.29. 2,089,831 shares of the company’s stock traded hands. ConocoPhillips has a 12 month low of $38.80 and a 12 month high of $53.17. The firm’s 50-day moving average price is $45.46 and its 200 day moving average price is $47.90. The stock’s market capitalization is $53.55 billion.
ConocoPhillips (NYSE:COP) last issued its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by $0.05. The firm had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.47 billion. ConocoPhillips had a negative return on equity of 5.92% and a negative net margin of 5.05%. During the same period last year, the business earned ($0.95) earnings per share. Equities research analysts predict that ConocoPhillips will post $0.27 EPS for the current year.
ConocoPhillips announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the energy producer to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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In related news, VP James D. Mcmorran sold 9,091 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.82% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sowell Financial Services LLC purchased a new position in shares of ConocoPhillips during the fourth quarter valued at about $1,219,000. State of Alaska Department of Revenue bought a new position in ConocoPhillips during the first quarter worth $193,000. Seven Eight Capital LP bought a new position in ConocoPhillips during the fourth quarter worth $933,000. Cigna Investments Inc. New bought a new position in ConocoPhillips during the fourth quarter worth $2,286,000. Finally, IFM Investors Pty Ltd bought a new position in ConocoPhillips during the fourth quarter worth $791,000. Institutional investors and hedge funds own 67.60% of the company’s stock.
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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