ConocoPhillips (NYSE:COP) received a $71.00 price objective from analysts at Barclays in a research note issued to investors on Sunday, March 4th. The firm presently has a “buy” rating on the energy producer’s stock. Barclays’ price objective points to a potential upside of 19.75% from the stock’s previous close.
A number of other analysts have also recently weighed in on the company. Royal Bank of Canada raised their price objective on ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Cowen set a $70.00 price objective on ConocoPhillips and gave the stock a “buy” rating in a research report on Thursday, January 18th. Zacks Investment Research cut ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Tuesday, December 19th. Goldman Sachs upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Wednesday, December 13th. Finally, Howard Weil lowered ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price for the company. in a research note on Friday, December 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. ConocoPhillips presently has a consensus rating of “Buy” and an average price target of $58.75.
Shares of ConocoPhillips stock traded up $0.56 during trading hours on Friday, reaching $59.29. The company had a trading volume of 8,460,246 shares, compared to its average volume of 6,416,690. ConocoPhillips has a 52 week low of $42.26 and a 52 week high of $61.31. The company has a market capitalization of $69,464.54, a PE ratio of -118.58, a P/E/G ratio of 1.74 and a beta of 1.33. 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 declared that its Board of Directors has authorized a stock buyback program on Thursday, February 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the energy producer to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently modified their holdings of COP. Ackerman Capital Advisors LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at approximately $334,000. Colonial Trust Advisors raised its position in ConocoPhillips by 36.0% in 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 during the period. Penbrook Management LLC purchased a new stake in ConocoPhillips in the fourth quarter valued at approximately $293,000. Xact Kapitalforvaltning AB raised its position in ConocoPhillips by 12.3% in 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 during the period. Finally, Envestnet Asset Management Inc. raised its position in ConocoPhillips by 43.4% in 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 during the period. Institutional investors and hedge funds own 71.15% of the company’s stock.
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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