ConocoPhillips (NYSE:COP) Shares Gap Down to $56.35

Shares of ConocoPhillips (NYSE:COP) gapped down before the market opened on Friday . The stock had previously closed at $56.71, but opened at $56.35. ConocoPhillips shares last traded at $57.63, with a volume of 263,851 shares traded.

A number of analysts have recently commented on the stock. Barclays assumed coverage on shares of ConocoPhillips in a research note on Monday, August 19th. They set an “overweight” rating and a $79.00 target price for the company. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Thursday, June 27th. Morgan Stanley cut their target price on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 target price for the company in a research note on Thursday, July 11th. Finally, Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $76.85.

The stock has a market capitalization of $62.52 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.52 and a beta of 1.04. The business’s 50-day moving average is $54.14 and its two-hundred day moving average is $60.95. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Tuesday, July 30th. The energy producer reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $9.42 billion. ConocoPhillips had a return on equity of 15.96% and a net margin of 18.33%. The business’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 earnings per share. As a group, analysts forecast that ConocoPhillips will post 3.91 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd were given a dividend of $0.305 per share. The ex-dividend date was Friday, July 19th. This represents a $1.22 dividend on an annualized basis and a yield of 2.13%. ConocoPhillips’s payout ratio is presently 26.93%.

A number of institutional investors and hedge funds have recently bought and sold shares of COP. Valley National Advisers Inc. boosted its holdings in ConocoPhillips by 64.9% in the 2nd quarter. Valley National Advisers Inc. now owns 503 shares of the energy producer’s stock valued at $31,000 after purchasing an additional 198 shares during the last quarter. Towerpoint Wealth LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at about $32,000. Manchester Financial Inc. acquired a new position in ConocoPhillips in the 2nd quarter valued at about $34,000. AllSquare Wealth Management LLC boosted its holdings in ConocoPhillips by 1,018.0% in the 2nd quarter. AllSquare Wealth Management LLC now owns 559 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 509 shares during the last quarter. Finally, Prestige Wealth Management Group LLC acquired a new position in ConocoPhillips in the 2nd quarter valued at about $38,000. Hedge funds and other institutional investors own 71.56% of the company’s stock.

About ConocoPhillips (NYSE:COP)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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