The Goldman Sachs Group Forecasts Strong Price Appreciation for ConocoPhillips (NYSE:COP) Stock

ConocoPhillips (NYSE:COP) had its price target raised by analysts at The Goldman Sachs Group from $108.00 to $115.00 in a report issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the energy producer’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 19.19% from the stock’s current price.

A number of other research firms also recently weighed in on COP. Mizuho upped their price target on shares of ConocoPhillips from $120.00 to $121.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Morgan Stanley dropped their target price on ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating on the stock in a research report on Thursday, November 20th. BMO Capital Markets reduced their price target on ConocoPhillips from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, December 15th. Wells Fargo & Company initiated coverage on ConocoPhillips in a research note on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price target for the company. Finally, Bank of America reaffirmed an “underperform” rating and set a $102.00 price objective on shares of ConocoPhillips in a research report on Friday, January 16th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.00.

ConocoPhillips Trading Down 0.7%

Shares of NYSE COP opened at $96.48 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 0.35. ConocoPhillips has a one year low of $79.88 and a one year high of $106.20. The business has a 50-day moving average price of $93.11 and a two-hundred day moving average price of $92.97. The firm has a market capitalization of $119.22 billion, a PE ratio of 13.66, a PEG ratio of 2.82 and a beta of 0.32.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The business had revenue of $15.03 billion during the quarter, compared to analyst estimates of $14.51 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. The firm’s revenue was up 14.1% compared to the same quarter last year. As a group, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ryan Michael Lance sold 500,708 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $92.50, for a total transaction of $46,315,490.00. Following the completion of the transaction, the chief executive officer directly owned 325,972 shares in the company, valued at $30,152,410. This represents a 60.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Mcraven purchased 5,768 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the purchase, the director directly owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds have recently made changes to their positions in the business. Capital International Investors increased its holdings in ConocoPhillips by 18.2% during the 3rd quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock valued at $4,318,239,000 after purchasing an additional 7,037,873 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of ConocoPhillips by 0.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 40,382,724 shares of the energy producer’s stock valued at $3,623,946,000 after buying an additional 287,970 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of ConocoPhillips by 1.8% in the third quarter. Fisher Asset Management LLC now owns 14,653,966 shares of the energy producer’s stock valued at $1,386,119,000 after buying an additional 260,091 shares during the last quarter. Ameriprise Financial Inc. lifted its position in ConocoPhillips by 20.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 12,994,674 shares of the energy producer’s stock worth $1,228,886,000 after buying an additional 2,216,010 shares in the last quarter. Finally, Primecap Management Co. CA grew its holdings in ConocoPhillips by 31.3% during the 3rd quarter. Primecap Management Co. CA now owns 10,351,010 shares of the energy producer’s stock worth $979,102,000 after acquiring an additional 2,467,555 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.