Zacks Investment Research Downgrades ConocoPhillips (COP) to Hold
ConocoPhillips (NYSE:COP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “ConocoPhillips is one of the largest exploration and production players in the world, based on proved reserves and production. During the second quarter, the company reported strong results following higher realized prices from commodities sold and production ramp up from numerous key developments. We appreciate the company’s initiative to divest assets worth $16 billion in 2017 and divert the proceeds toward oil rich Eagle Ford shale and Permian Basin. ConocoPhillips owns significant undrilled locations in the Eagle Ford shale that could lend access to huge oil reserves. Also, the company’s net cash flow from operations have been rising steadily since the beginning of 2017. However, we are concerned about the company’s escalating debt levels. It is to be noted that at the end of third-quarter 2017, ConocoPhillips had only $6.9 billion in cash and cash equivalents, while its debt climbed to $21 billion.”
Several other analysts also recently weighed in on COP. Credit Suisse Group began coverage on ConocoPhillips in a research note on Monday, December 11th. They set a “neutral” rating and a $50.00 target price for the company. Scotiabank restated a “buy” rating and set a $53.00 target price on shares of ConocoPhillips in a research note on Friday, September 29th. Barclays restated an “overweight” rating and set a $55.00 target price (up previously from $51.00) on shares of ConocoPhillips in a research note on Tuesday, October 10th. Piper Jaffray Companies set a $45.00 target price on ConocoPhillips and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, Goldman Sachs Group upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Wednesday, December 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $55.25.
ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08. ConocoPhillips had a positive return on equity of 0.12% and a negative net margin of 7.32%. The firm had revenue of $7.20 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the prior year, the company earned ($0.66) EPS. equities analysts forecast that ConocoPhillips will post 0.55 earnings per share for the current year.
In other news, Director Charles E. Bunch purchased 2,000 shares of the business’s stock in a transaction on Monday, December 11th. The stock was purchased at an average price of $52.06 per share, with a total value of $104,120.00. Following the acquisition, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.82% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Freestone Capital Holdings LLC raised its holdings in shares of ConocoPhillips by 78.7% in the 2nd quarter. Freestone Capital Holdings LLC now owns 8,047 shares of the energy producer’s stock worth $354,000 after buying an additional 3,543 shares in the last quarter. Point View Wealth Management Inc. raised its holdings in shares of ConocoPhillips by 19.8% in the 2nd quarter. Point View Wealth Management Inc. now owns 32,939 shares of the energy producer’s stock worth $1,448,000 after buying an additional 5,452 shares in the last quarter. Shell Asset Management Co. raised its holdings in shares of ConocoPhillips by 2.4% in the 2nd quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock worth $8,883,000 after buying an additional 4,647 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of ConocoPhillips by 16.1% in the 2nd quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after buying an additional 85,538 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of ConocoPhillips by 6.9% in the 1st quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock worth $3,066,900,000 after buying an additional 3,982,002 shares in the last quarter. 69.62% of the stock is owned by hedge funds and other institutional investors.
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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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