Wells Fargo & Company Cuts ConocoPhillips (NYSE:COP) Price Target to $132.00

ConocoPhillips (NYSE:COP) had its price target lowered by Wells Fargo & Company from $134.00 to $132.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 26.57% from the stock’s previous close.

COP has been the subject of a number of other research reports. Susquehanna raised their price objective on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. BMO Capital Markets raised their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Truist Financial raised their price objective on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday. Finally, Piper Sandler decreased their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ConocoPhillips has a consensus rating of “Buy” and a consensus price target of $136.65.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $104.29 on Tuesday. The stock’s 50-day moving average is $104.30 and its 200-day moving average is $107.63. The company has a market cap of $120.03 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.83 and a beta of 1.19. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. ConocoPhillips has a 12 month low of $94.23 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the firm earned $2.16 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities analysts anticipate that ConocoPhillips will post 7.77 earnings per share for the current year.

Insiders Place Their Bets

In other ConocoPhillips news, Director R A. Walker purchased 10,400 shares of the stock in a transaction dated Tuesday, December 17th. The shares were bought at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the transaction, the director now owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arjun N. Murti purchased 2,500 shares of the stock in a transaction dated Friday, December 20th. The stock was acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the transaction, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. The trade was a 13.16 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips in the third quarter valued at about $26,000. Reston Wealth Management LLC bought a new position in ConocoPhillips during the third quarter worth about $31,000. Truvestments Capital LLC bought a new position in ConocoPhillips during the third quarter worth about $31,000. Global Wealth Strategies & Associates lifted its stake in ConocoPhillips by 80.5% during the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock worth $34,000 after purchasing an additional 153 shares during the period. Finally, RPg Family Wealth Advisory LLC bought a new position in ConocoPhillips during the third quarter worth about $35,000. 82.36% of the stock is owned by institutional investors and hedge funds.

About ConocoPhillips

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.