Mizuho Upgrades ConocoPhillips (NYSE:COP) to “Buy”

ConocoPhillips (NYSE:COP) was upgraded by research analysts at Mizuho from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Analyst Ratings Network reports. The firm presently has a $56.00 price target on the energy producer’s stock, up from their previous price target of $36.00. Mizuho’s price objective indicates a potential upside of 19.07% from the company’s current price.

Other analysts have also issued research reports about the company. Smith Barney Citigroup boosted their price target on ConocoPhillips from $39.00 to $50.00 in a report on Wednesday, December 9th. ValuEngine raised ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Monday, November 16th. Royal Bank of Canada reaffirmed a “buy” rating on shares of ConocoPhillips in a research note on Wednesday, October 14th. Barclays upped their price objective on ConocoPhillips from $49.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, December 18th. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of ConocoPhillips in a research note on Tuesday, September 15th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $53.00.

NYSE:COP opened at $47.03 on Tuesday. The stock has a 50-day simple moving average of $42.02 and a two-hundred day simple moving average of $37.86. ConocoPhillips has a 52-week low of $20.84 and a 52-week high of $65.61. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.16 and a current ratio of 2.38. The firm has a market capitalization of $50.45 billion, a PE ratio of -41.62, a P/E/G ratio of 9.90 and a beta of 1.85.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 29th. The energy producer reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.01). ConocoPhillips had a negative net margin of 5.66% and a negative return on equity of 0.02%. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.98 billion. During the same period in the prior year, the firm posted $0.82 EPS. Equities analysts forecast that ConocoPhillips will post -0.89 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of COP. Private Advisor Group LLC raised its position in ConocoPhillips by 15.8% during the second quarter. Private Advisor Group LLC now owns 56,319 shares of the energy producer’s stock valued at $2,366,000 after purchasing an additional 7,697 shares during the period. Engineers Gate Manager LP raised its position in ConocoPhillips by 88.4% during the second quarter. Engineers Gate Manager LP now owns 37,962 shares of the energy producer’s stock valued at $1,595,000 after purchasing an additional 17,811 shares during the period. tru Independence LLC raised its position in ConocoPhillips by 79.7% during the second quarter. tru Independence LLC now owns 1,916 shares of the energy producer’s stock valued at $80,000 after purchasing an additional 850 shares during the period. Orion Portfolio Solutions LLC raised its position in ConocoPhillips by 37.3% during the second quarter. Orion Portfolio Solutions LLC now owns 15,967 shares of the energy producer’s stock valued at $671,000 after purchasing an additional 4,337 shares during the period. Finally, RMR Wealth Builders purchased a new stake in ConocoPhillips during the second quarter valued at approximately $124,000. Institutional investors and hedge funds own 72.87% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate & Other.

Read More: Real Estate Investment Trust (REIT) ETF

Analyst Recommendations for ConocoPhillips (NYSE:COP)

Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.