Bank of America Increases ConocoPhillips (NYSE:COP) Price Target to $140.00

ConocoPhillips (NYSE:COPGet Rating) had its price objective lifted by equities researchers at Bank of America from $134.00 to $140.00 in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the energy producer’s stock. Bank of America‘s price target would indicate a potential upside of 24.92% from the company’s current price.

COP has been the topic of several other research reports. The Goldman Sachs Group cut their price objective on ConocoPhillips from $140.00 to $123.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Barclays increased their price target on ConocoPhillips from $142.00 to $153.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 31st. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Tuesday, August 16th. Societe Generale increased their price target on ConocoPhillips to $127.00 in a research report on Thursday, June 9th. Finally, MKM Partners increased their price target on ConocoPhillips from $110.00 to $118.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $121.79.

ConocoPhillips Stock Performance

NYSE COP opened at $112.07 on Monday. The business’s 50 day moving average price is $100.72 and its 200-day moving average price is $101.04. The company has a market cap of $144.96 billion, a P/E ratio of 9.25, a P/E/G ratio of 0.37 and a beta of 1.31. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.44 and a current ratio of 1.54. ConocoPhillips has a fifty-two week low of $57.72 and a fifty-two week high of $124.08.

ConocoPhillips (NYSE:COPGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The energy producer reported $3.91 EPS for the quarter, missing the consensus estimate of $3.95 by ($0.04). ConocoPhillips had a net margin of 23.10% and a return on equity of 31.24%. During the same period in the prior year, the company posted $1.27 earnings per share. Sell-side analysts predict that ConocoPhillips will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Nicholas G. Olds sold 10,950 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $116.52, for a total transaction of $1,275,894.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

Institutional Trading of ConocoPhillips

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in ConocoPhillips by 1.0% in the first quarter. Vanguard Group Inc. now owns 111,099,502 shares of the energy producer’s stock valued at $11,109,951,000 after purchasing an additional 1,146,552 shares during the period. BlackRock Inc. grew its holdings in ConocoPhillips by 3.4% in the fourth quarter. BlackRock Inc. now owns 111,073,845 shares of the energy producer’s stock valued at $8,017,310,000 after purchasing an additional 3,652,817 shares during the period. Wellington Management Group LLP grew its holdings in ConocoPhillips by 1.1% in the first quarter. Wellington Management Group LLP now owns 37,616,360 shares of the energy producer’s stock valued at $3,761,636,000 after purchasing an additional 408,012 shares during the period. Capital World Investors lifted its position in shares of ConocoPhillips by 62.4% in the first quarter. Capital World Investors now owns 23,463,085 shares of the energy producer’s stock valued at $2,346,309,000 after acquiring an additional 9,014,700 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of ConocoPhillips by 12.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 22,866,527 shares of the energy producer’s stock valued at $2,053,643,000 after acquiring an additional 2,472,255 shares in the last quarter. 79.66% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Company Profile

(Get Rating)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

Further Reading

Analyst Recommendations for ConocoPhillips (NYSE:COP)

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