ConocoPhillips (NYSE:COP) had its price target boosted by Citigroup from $80.00 to $90.00 in a report released on Friday, MarketBeat reports. The brokerage currently has a buy rating on the energy producer’s stock.
Several other equities research analysts have also recently weighed in on COP. BMO Capital Markets increased their price objective on ConocoPhillips from $78.00 to $80.00 and gave the company an outperform rating in a research report on Friday, July 27th. Mizuho reissued a hold rating on shares of ConocoPhillips in a research report on Tuesday, July 24th. Morgan Stanley cut ConocoPhillips to a hold rating in a research report on Tuesday, October 2nd. Goldman Sachs Group cut ConocoPhillips from a buy rating to a neutral rating in a research report on Monday, October 1st. Finally, Sanford C. Bernstein raised ConocoPhillips from a market perform rating to an outperform rating and set a $82.00 price objective for the company in a research report on Friday, June 8th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. ConocoPhillips currently has an average rating of Buy and a consensus price target of $73.90.
COP opened at $78.28 on Friday. ConocoPhillips has a 1-year low of $48.83 and a 1-year high of $80.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. The company has a market capitalization of $89.95 billion, a PE ratio of 130.50, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01. ConocoPhillips had a return on equity of 10.26% and a net margin of 13.26%. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. During the same period in the prior year, the business earned $0.14 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 4.41 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be given a $0.305 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. This represents a $1.22 annualized dividend and a yield of 1.56%. The ex-dividend date is Friday, October 12th. ConocoPhillips’s dividend payout ratio (DPR) is 190.00%.
ConocoPhillips declared that its Board of Directors has approved a stock repurchase program on Thursday, July 12th that permits the company to repurchase $9.00 billion in shares. This repurchase authorization permits the energy producer to purchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
In other ConocoPhillips news, insider Don E. Jr. Wallette sold 59,432 shares of ConocoPhillips stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $71.87, for a total transaction of $4,271,377.84. Following the completion of the transaction, the insider now directly owns 83,047 shares of the company’s stock, valued at $5,968,587.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Glenda Mae Schwarz sold 18,882 shares of ConocoPhillips stock in a transaction on Monday, September 10th. The shares were sold at an average price of $71.15, for a total value of $1,343,454.30. Following the transaction, the vice president now directly owns 29,064 shares of the company’s stock, valued at $2,067,903.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of COP. IMA Wealth Inc. bought a new position in shares of ConocoPhillips during the second quarter valued at $100,000. Acropolis Investment Management LLC bought a new position in shares of ConocoPhillips during the second quarter valued at $107,000. Adviser Investments LLC lifted its holdings in shares of ConocoPhillips by 139.4% during the second quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after acquiring an additional 1,139 shares during the period. Lucia Wealth Services LLC lifted its holdings in shares of ConocoPhillips by 541.3% during the second quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock valued at $157,000 after acquiring an additional 1,900 shares during the period. Finally, Clarus Wealth Advisors bought a new position in shares of ConocoPhillips during the second quarter valued at $170,000. 71.29% of the stock is owned by institutional investors.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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