JPMorgan Chase & Co. Cuts ConocoPhillips (NYSE:COP) Price Target to $102.00

ConocoPhillips (NYSE:COP) had its price objective cut by JPMorgan Chase & Co. from $112.00 to $102.00 in a report released on Monday morning,MarketScreener reports. They currently have an overweight rating on the energy producer’s stock.

COP has been the subject of several other research reports. Susquehanna dropped their price target on ConocoPhillips to $113.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price objective on shares of ConocoPhillips in a research note on Monday, November 24th. Jefferies Financial Group dropped their price objective on ConocoPhillips from $129.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 13th. BMO Capital Markets reduced their target price on shares of ConocoPhillips from $122.00 to $117.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. Finally, Wall Street Zen raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Nineteen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $114.38.

ConocoPhillips Stock Performance

NYSE:COP opened at $96.67 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $119.46 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 2.11 and a beta of 0.32. The firm has a 50-day moving average price of $89.48 and a two-hundred day moving average price of $91.97. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $106.20.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. During the same period in the prior year, the business earned $1.78 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio is currently 47.52%.

Insider Activity

In related news, Director William H. Mcraven bought 5,768 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $86.68 per share, with a total value of $499,970.24. Following the completion of the transaction, the director owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On ConocoPhillips

A number of large investors have recently bought and sold shares of the stock. Capital International Investors increased its holdings in shares of ConocoPhillips by 18.2% during the 3rd quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock worth $4,318,239,000 after buying an additional 7,037,873 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ConocoPhillips by 0.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 40,382,724 shares of the energy producer’s stock valued at $3,623,946,000 after acquiring an additional 287,970 shares during the period. Wellington Management Group LLP grew its position in ConocoPhillips by 1.4% during the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after acquiring an additional 437,709 shares during the period. Fisher Asset Management LLC increased its stake in ConocoPhillips by 1.8% during the third quarter. Fisher Asset Management LLC now owns 14,653,966 shares of the energy producer’s stock worth $1,386,119,000 after acquiring an additional 260,091 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of ConocoPhillips by 20.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock worth $1,228,886,000 after purchasing an additional 2,216,010 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

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.