Barclays Reiterates “$71.00” Price Target for ConocoPhillips (COP)
ConocoPhillips (NYSE:COP) has been given a $71.00 target price by equities research analysts at Barclays in a research report issued on Sunday. The firm currently has a “buy” rating on the energy producer’s stock. Barclays’ price objective points to a potential upside of 31.34% from the company’s current price.
COP has been the subject of several other research reports. Royal Bank of Canada upped their target price on shares of ConocoPhillips from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, November 9th. Cowen set a $70.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a report on Thursday, January 18th. Zacks Investment Research downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Goldman Sachs Group raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a report on Wednesday, December 13th. Finally, Howard Weil downgraded shares of ConocoPhillips from a “focus list” rating to an “outperform” rating and set a $58.00 target price for the company. in a report on Friday, December 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $58.47.
Shares of ConocoPhillips (NYSE COP) opened at $54.06 on Friday. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $61.31. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.64 and a current ratio of 1.76. The stock has a market cap of $63,497.69, a price-to-earnings ratio of -108.12, a PEG ratio of 1.61 and a beta of 1.33.
ConocoPhillips announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 8th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the energy producer to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Charles E. Bunch purchased 2,000 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were acquired at an average price of $52.06 per share, for a total transaction of $104,120.00. Following the purchase, the director now directly owns 3,429 shares in the company, valued at $178,513.74. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.82% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Ackerman Capital Advisors LLC purchased a new stake in ConocoPhillips in the 4th quarter worth $334,000. Colonial Trust Advisors lifted its stake in ConocoPhillips by 36.0% in the 4th quarter. Colonial Trust Advisors now owns 8,709 shares of the energy producer’s stock worth $478,000 after purchasing an additional 2,305 shares in the last quarter. Penbrook Management LLC purchased a new stake in ConocoPhillips in the 4th quarter worth $293,000. Xact Kapitalforvaltning AB lifted its stake in ConocoPhillips by 12.3% in the 4th quarter. Xact Kapitalforvaltning AB now owns 118,925 shares of the energy producer’s stock worth $6,528,000 after purchasing an additional 13,065 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in ConocoPhillips by 43.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 218,330 shares of the energy producer’s stock worth $11,982,000 after purchasing an additional 66,045 shares in the last quarter. Institutional investors and hedge funds own 70.23% 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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