ConocoPhillips (NYSE:COP) Given New $107.00 Price Target at Piper Sandler

ConocoPhillips (NYSE:COP) had its price objective reduced by Piper Sandler from $114.00 to $107.00 in a research report released on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the energy producer’s stock.

A number of other research analysts have also weighed in on the stock. Scotiabank cut their price target on shares of ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Friday, April 11th. TD Cowen started coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 price target on the stock. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a research note on Thursday, January 30th. Morgan Stanley lifted their price target on shares of ConocoPhillips from $116.00 to $118.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Finally, Bank of America lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating and cut their price target for the company from $138.00 to $107.00 in a research note on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.89.

ConocoPhillips Stock Up 2.1%

ConocoPhillips stock opened at $94.19 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $122.17. The company’s 50 day simple moving average is $93.25 and its 200 day simple moving average is $99.24. The firm has a market capitalization of $119.07 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.79 and a beta of 0.64.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same quarter in the previous year, the firm posted $2.05 earnings per share. As a group, sell-side analysts anticipate that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a dividend of $0.78 per share. The ex-dividend date is Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.31%. ConocoPhillips’s payout ratio is 39.64%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in ConocoPhillips by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after purchasing an additional 437,709 shares during the last quarter. Edgar Lomax Co. VA increased its stake in shares of ConocoPhillips by 18.8% in the 1st quarter. Edgar Lomax Co. VA now owns 201,285 shares of the energy producer’s stock valued at $21,139,000 after acquiring an additional 31,815 shares in the last quarter. Community Bank & Trust Waco Texas increased its stake in shares of ConocoPhillips by 2.5% in the 1st quarter. Community Bank & Trust Waco Texas now owns 17,001 shares of the energy producer’s stock valued at $1,785,000 after acquiring an additional 417 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of ConocoPhillips by 40.1% in the 1st quarter. Brooklyn Investment Group now owns 9,223 shares of the energy producer’s stock valued at $969,000 after acquiring an additional 2,640 shares in the last quarter. Finally, CacheTech Inc. increased its stake in shares of ConocoPhillips by 1.9% in the 1st quarter. CacheTech Inc. now owns 29,025 shares of the energy producer’s stock valued at $3,048,000 after acquiring an additional 530 shares in the last quarter. 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.