Raymond James Downgrades ConocoPhillips (NYSE:COP) to Outperform

ConocoPhillips (NYSE:COP) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued to investors on Monday, MarketBeat reports. They presently have a $124.00 price objective on the energy producer’s stock, down from their prior price objective of $157.00. Raymond James’ price objective indicates a potential upside of 26.09% from the company’s current price.

A number of other research analysts also recently commented on COP. Morgan Stanley started coverage on ConocoPhillips in a research note on Monday, December 16th. They issued an “overweight” rating and a $128.00 target price on the stock. JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. Susquehanna boosted their target price on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. TD Cowen started coverage on ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 target price on the stock. Finally, Piper Sandler lowered their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. 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 stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $134.06.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $98.34 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $113.18 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 0.77 and a beta of 1.18. The stock’s fifty day simple moving average is $101.05 and its 200 day simple moving average is $106.15. ConocoPhillips has a 52-week low of $94.23 and a 52-week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 forecast that ConocoPhillips will post 8.3 earnings per share for the current fiscal year.

Insider Activity at ConocoPhillips

In other news, Director Arjun N. Murti bought 2,500 shares of ConocoPhillips stock in a transaction dated Friday, December 20th. The shares were bought at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the purchase, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were purchased at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the purchase, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. The trade was a 37.68 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On ConocoPhillips

Institutional investors and hedge funds have recently bought and sold shares of the business. Albion Financial Group UT grew its stake in shares of ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after purchasing an additional 228 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips during the third quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new stake in shares of ConocoPhillips during the fourth quarter valued at approximately $27,000. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips during the third quarter valued at approximately $31,000. Finally, Truvestments Capital LLC bought a new stake in shares of ConocoPhillips during the third quarter valued at approximately $31,000. Institutional investors and hedge funds 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.