ConocoPhillips (COP) Rating Lowered to Neutral at Macquarie
ConocoPhillips (NYSE:COP) was downgraded by stock analysts at Macquarie from an “outperform” rating to a “neutral” rating in a report issued on Thursday. The analysts noted that the move was a valuation call.
Other equities research analysts have also issued research reports about the company. Zacks Investment Research upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $66.00 price target on the stock in a research note on Wednesday, January 10th. Barclays set a $71.00 price target on ConocoPhillips and gave the stock a “buy” rating in a research note on Sunday, March 4th. Piper Jaffray restated a “buy” rating and set a $63.00 price target on shares of ConocoPhillips in a research note on Wednesday, January 24th. Edward Jones lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Finally, Jefferies Group lowered ConocoPhillips from a “buy” rating to a “hold” rating and boosted their price target for the stock from $66.42 to $68.00 in a research note on Thursday, April 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the stock. ConocoPhillips currently has a consensus rating of “Buy” and an average target price of $61.92.
Shares of COP stock traded up $1.71 during trading hours on Thursday, reaching $66.77. 5,622,098 shares of the company’s stock were exchanged, compared to its average volume of 6,989,902. ConocoPhillips has a 1 year low of $42.26 and a 1 year high of $67.30. The firm has a market capitalization of $76,711.69, a price-to-earnings ratio of 110.57, a PEG ratio of 2.19 and a beta of 1.23. 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 announced that its Board of Directors has approved a share buyback plan on Thursday, February 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the energy producer to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other ConocoPhillips news, SVP Andrew D. Lundquist sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $58.96, for a total value of $1,474,000.00. Following the completion of the transaction, the senior vice president now directly owns 27,353 shares of the company’s stock, valued at $1,612,732.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in COP. Boston Partners raised its stake in shares of ConocoPhillips by 41.6% during the 4th quarter. Boston Partners now owns 8,184,604 shares of the energy producer’s stock worth $449,252,000 after buying an additional 2,403,806 shares during the period. Lazard Asset Management LLC increased its position in shares of ConocoPhillips by 35.7% during the fourth quarter. Lazard Asset Management LLC now owns 5,665,128 shares of the energy producer’s stock worth $310,957,000 after purchasing an additional 1,490,618 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of ConocoPhillips during the fourth quarter worth approximately $54,960,000. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of ConocoPhillips during the fourth quarter worth approximately $35,651,000. Finally, Atalanta Sosnoff Capital LLC purchased a new stake in shares of ConocoPhillips during the fourth quarter worth approximately $27,039,000. 71.11% of the stock is owned by institutional investors.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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