Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $128.00

ConocoPhillips (NYSE:COP) had its price objective lowered by stock analysts at Wells Fargo & Company from $132.00 to $128.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 29.33% from the stock’s previous close.

A number of other equities research analysts have also recently commented on COP. TD Cowen began coverage on ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 price target for the company. Barclays cut their price objective on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday. Truist Financial increased their price objective on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. Piper Sandler cut their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $165.00 target price on shares of ConocoPhillips in a report on Friday, December 6th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.72.

ConocoPhillips Stock Up 0.6 %

Shares of COP stock traded up $0.61 during mid-day trading on Monday, hitting $98.97. The stock had a trading volume of 1,112,036 shares, compared to its average volume of 5,917,809. ConocoPhillips has a 12-month low of $94.23 and a 12-month high of $135.18. The firm has a market capitalization of $113.91 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 0.77 and a beta of 1.18. The firm’s 50-day moving average is $101.05 and its two-hundred day moving average is $106.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping 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%. On average, analysts predict that ConocoPhillips will post 8.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arjun N. Murti acquired 2,500 shares of ConocoPhillips stock in a transaction on 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 completion of the purchase, the director now directly owns 21,500 shares in the company, valued at $2,061,205. This trade represents a 13.16 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director R A. Walker bought 10,400 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were acquired at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now 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. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ConocoPhillips

A number of institutional investors and hedge funds have recently modified their holdings of COP. State Street Corp raised its stake in ConocoPhillips by 19.0% during the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock valued at $7,046,263,000 after purchasing an additional 10,663,093 shares during the period. Wellington Management Group LLP increased its holdings in shares of ConocoPhillips by 20.2% in the third quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock valued at $3,280,725,000 after purchasing an additional 5,240,016 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ConocoPhillips by 3.9% in the third quarter. Geode Capital Management LLC now owns 24,733,928 shares of the energy producer’s stock valued at $2,601,639,000 after purchasing an additional 924,289 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of ConocoPhillips by 10.6% in the fourth quarter. Fisher Asset Management LLC now owns 13,780,782 shares of the energy producer’s stock valued at $1,366,640,000 after purchasing an additional 1,324,771 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in ConocoPhillips by 12.5% in the third quarter. Franklin Resources Inc. now owns 13,557,351 shares of the energy producer’s stock valued at $1,469,163,000 after acquiring an additional 1,506,599 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

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.