UBS assumed coverage on shares of ConocoPhillips (NYSE:COP) in a research report report published on Wednesday, March 7th, www.benzinga.com reports. The brokerage issued a buy rating and a $60.00 target price on the energy producer’s stock.
Several other brokerages have also recently weighed in on COP. Piper Jaffray Companies reaffirmed a buy rating and issued a $63.00 price target on shares of ConocoPhillips in a research note on Wednesday, January 24th. Cowen set a $70.00 price target on ConocoPhillips and gave the stock a buy rating in a research note on Thursday, January 18th. Goldman Sachs raised ConocoPhillips from a neutral rating to a buy rating and set a $60.00 price target on the stock in a research note on Wednesday, December 13th. Royal Bank of Canada set a $61.00 price target on ConocoPhillips and gave the stock a buy rating in a research note on Wednesday, December 20th. Finally, Citigroup upped their price target on ConocoPhillips from $57.00 to $63.00 and gave the stock a buy rating in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. ConocoPhillips currently has a consensus rating of Buy and a consensus price target of $58.75.
ConocoPhillips (COP) opened at $54.93 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.64 and a current ratio of 1.76. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $61.31. The stock has a market capitalization of $63,462.45, a P/E ratio of -109.86, a PEG ratio of 1.62 and a beta of 1.33.
ConocoPhillips announced that its board has approved a share repurchase program on Thursday, February 1st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the energy producer to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were paid a $0.285 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.27. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Friday, February 9th. ConocoPhillips’s dividend payout ratio is currently -228.00%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ackerman Capital Advisors LLC bought a new position in shares of ConocoPhillips during the fourth quarter valued at $334,000. Colonial Trust Advisors lifted its holdings in shares of ConocoPhillips by 36.0% during the fourth quarter. Colonial Trust Advisors now owns 8,709 shares of the energy producer’s stock valued at $478,000 after purchasing an additional 2,305 shares in the last quarter. Penbrook Management LLC bought a new position in shares of ConocoPhillips during the fourth quarter valued at $293,000. Xact Kapitalforvaltning AB lifted its holdings in shares of ConocoPhillips by 12.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 118,925 shares of the energy producer’s stock valued at $6,528,000 after purchasing an additional 13,065 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of ConocoPhillips by 43.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 218,330 shares of the energy producer’s stock valued at $11,982,000 after purchasing an additional 66,045 shares in the last quarter. 71.27% of the stock is currently owned by hedge funds and other institutional investors.
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ConocoPhillips Company Profile
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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