ConocoPhillips (NYSE:COP) Given New $122.00 Price Target at Wolfe Research

ConocoPhillips (NYSE:COP) had its price objective cut by equities researchers at Wolfe Research from $126.00 to $122.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the energy producer’s stock. Wolfe Research’s price objective would suggest a potential upside of 23.34% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Johnson Rice cut shares of ConocoPhillips from an “accumulate” rating to a “hold” rating and reduced their price objective for the company from $108.00 to $105.00 in a research report on Friday, December 5th. Susquehanna cut their target price on shares of ConocoPhillips to $113.00 and set a “positive” rating for the company in a research note on Monday, October 20th. Barclays decreased their price target on shares of ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Piper Sandler dropped their price objective on shares of ConocoPhillips from $115.00 to $109.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. Finally, Evercore ISI reduced their target price on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a report on Monday, October 6th. Eighteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $111.56.

ConocoPhillips Stock Performance

ConocoPhillips stock traded down $1.43 during midday trading on Tuesday, hitting $98.91. The stock had a trading volume of 7,455,493 shares, compared to its average volume of 9,738,732. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $106.20. The company has a market capitalization of $122.22 billion, a PE ratio of 13.99, a P/E/G ratio of 2.61 and a beta of 0.32. The firm’s fifty day moving average is $92.16 and its two-hundred day moving average is $92.80. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business had revenue of $15.03 billion during the quarter, compared to analyst estimates of $14.51 billion. During the same period in the prior year, the business posted $1.78 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. On average, research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

Insider Buying and Selling at ConocoPhillips

In other news, CEO Ryan Michael Lance sold 500,708 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $92.50, for a total value of $46,315,490.00. Following the completion of the sale, the chief executive officer owned 325,972 shares in the company, valued at approximately $30,152,410. This trade represents a 60.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Mcraven purchased 5,768 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the acquisition, the director directly owned 5,768 shares in the company, valued at $499,970.24. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COP. Capital International Investors grew its stake in ConocoPhillips by 18.2% in the 3rd quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock worth $4,318,239,000 after acquiring an additional 7,037,873 shares in the last quarter. Primecap Management Co. CA grew its stake in ConocoPhillips by 66.0% in the second quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock worth $707,461,000 after purchasing an additional 3,135,315 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in ConocoPhillips by 31.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock worth $966,267,000 after purchasing an additional 2,575,803 shares during the period. Assenagon Asset Management S.A. increased its holdings in ConocoPhillips by 145.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 2,933,286 shares of the energy producer’s stock worth $263,233,000 after purchasing an additional 1,740,009 shares during the period. Finally, Valeo Financial Advisors LLC raised its position in ConocoPhillips by 6,156.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,508,169 shares of the energy producer’s stock valued at $135,343,000 after purchasing an additional 1,484,062 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.