Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $150.00

ConocoPhillips (NYSE:COP) had its price objective dropped by equities research analysts at Wells Fargo & Company from $151.00 to $150.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 44.15% from the stock’s current price.

COP has been the topic of a number of other research reports. Piper Sandler lifted their target price on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Truist Financial reduced their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday. Royal Bank of Canada raised their price objective on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, May 15th. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Susquehanna upped their price objective on shares of ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $143.06.

ConocoPhillips Trading Down 4.0 %

COP stock traded down $4.33 during midday trading on Friday, hitting $104.06. The company had a trading volume of 3,812,887 shares, compared to its average volume of 5,639,167. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $104.02 and a 52 week high of $135.18. The stock’s 50 day moving average price is $112.98 and its 200 day moving average price is $117.08. The stock has a market cap of $121.70 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.20 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.08). The business had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.84 EPS. As a group, equities research analysts expect that ConocoPhillips will post 8.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConocoPhillips

A number of hedge funds have recently made changes to their positions in the company. FSB Premier Wealth Management Inc. raised its holdings in ConocoPhillips by 47.6% during the 2nd quarter. FSB Premier Wealth Management Inc. now owns 4,127 shares of the energy producer’s stock valued at $472,000 after buying an additional 1,331 shares during the period. Archer Investment Corp raised its position in ConocoPhillips by 39.7% during the 2nd quarter. Archer Investment Corp now owns 3,965 shares of the energy producer’s stock valued at $453,000 after purchasing an additional 1,126 shares in the last quarter. Founders Financial Securities LLC lifted its holdings in shares of ConocoPhillips by 11.9% in the 2nd quarter. Founders Financial Securities LLC now owns 10,412 shares of the energy producer’s stock worth $1,191,000 after buying an additional 1,110 shares during the period. Regal Partners Ltd bought a new position in shares of ConocoPhillips during the 2nd quarter worth $15,014,000. Finally, Naviter Wealth LLC increased its stake in shares of ConocoPhillips by 3.0% during the second quarter. Naviter Wealth LLC now owns 24,533 shares of the energy producer’s stock valued at $2,806,000 after buying an additional 714 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

About ConocoPhillips

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.