Scotiabank Reaffirms “Buy” Rating for ConocoPhillips (COP)

Scotiabank restated their buy rating on shares of ConocoPhillips (NYSE:COP) in a research note released on Friday. The brokerage currently has a $52.00 target price on the energy producer’s stock.

A number of other research firms have also issued reports on COP. BidaskClub raised shares of ConocoPhillips from a sell rating to a hold rating in a research note on Friday, August 11th. Sanford C. Bernstein lowered shares of ConocoPhillips from an outperform rating to a market perform rating and reduced their target price for the company from $63.00 to $42.00 in a research note on Thursday, July 6th. ValuEngine raised shares of ConocoPhillips from a sell rating to a hold rating in a research note on Monday, July 24th. Bank of America Corporation lowered shares of ConocoPhillips from a buy rating to a neutral rating and reduced their target price for the company from $68.00 to $67.00 in a research note on Thursday, May 11th. Finally, Royal Bank Of Canada reissued a buy rating and set a $62.00 target price on shares of ConocoPhillips in a research note on Thursday, June 15th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $54.03.

ConocoPhillips (COP) opened at 44.93 on Friday. The stock’s market capitalization is $54.68 billion. ConocoPhillips has a 12-month low of $39.00 and a 12-month high of $53.17. The company’s 50-day moving average is $44.22 and its 200 day moving average is $45.69.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.16. The firm had revenue of $8.88 billion during the quarter, compared to analyst estimates of $6.74 billion. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. During the same period in the previous year, the business posted ($0.79) EPS. On average, analysts predict that ConocoPhillips will post $0.24 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, July 24th were issued a dividend of $0.265 per share. The ex-dividend date was Thursday, July 20th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.36%. ConocoPhillips’s dividend payout ratio is currently -34.98%.

Several hedge funds have recently added to or reduced their stakes in COP. Wellington Management Group LLP raised its holdings in shares of ConocoPhillips by 255.3% during the first quarter. Wellington Management Group LLP now owns 12,803,885 shares of the energy producer’s stock valued at $638,530,000 after acquiring an additional 9,200,014 shares during the period. BlackRock Inc. raised its holdings in shares of ConocoPhillips by 7.8% during the second quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock valued at $3,772,723,000 after acquiring an additional 6,197,896 shares during the period. FMR LLC raised its holdings in shares of ConocoPhillips by 6.9% during the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after acquiring an additional 3,982,002 shares during the period. AJO LP raised its holdings in shares of ConocoPhillips by 3,000.7% during the second quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock valued at $131,353,000 after acquiring an additional 2,891,652 shares during the period. Finally, State Street Corp raised its holdings in shares of ConocoPhillips by 3.9% during the first quarter. State Street Corp now owns 65,388,296 shares of the energy producer’s stock valued at $3,260,918,000 after acquiring an additional 2,452,533 shares during the period. Institutional investors and hedge funds own 68.99% of the company’s stock.

About ConocoPhillips

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.

Analyst Recommendations for ConocoPhillips (NYSE:COP)

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