ConocoPhillips (NYSE:COP) Hits New 52-Week Low – Here’s Why

Shares of ConocoPhillips (NYSE:COP) hit a new 52-week low on Friday . The company traded as low as $86.74 and last traded at $89.08, with a volume of 3703211 shares. The stock had previously closed at $95.25.

Wall Street Analysts Forecast Growth

Several analysts recently commented on COP shares. Morgan Stanley reduced their price objective on shares of ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. TD Cowen initiated coverage on ConocoPhillips in a research report on Friday, January 17th. They set a “buy” rating and a $125.00 price target for the company. The Goldman Sachs Group set a $132.00 price objective on ConocoPhillips in a research note on Thursday, January 30th. Truist Financial boosted their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Raymond James cut shares of ConocoPhillips from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $157.00 to $124.00 in a research note on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.95.

ConocoPhillips Price Performance

The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average is $98.53 and its 200-day moving average is $103.10. The stock has a market cap of $108.95 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 0.79 and a beta of 0.83.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Friday, February 14th. ConocoPhillips’s payout ratio is presently 40.05%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. IHT Wealth Management LLC grew its position in shares of ConocoPhillips by 36.4% in the 3rd quarter. IHT Wealth Management LLC now owns 9,276 shares of the energy producer’s stock valued at $985,000 after purchasing an additional 2,473 shares during the period. Stifel Financial Corp boosted its stake in shares of ConocoPhillips by 0.3% during the 3rd quarter. Stifel Financial Corp now owns 794,043 shares of the energy producer’s stock worth $83,596,000 after acquiring an additional 2,050 shares during the period. Kovitz Investment Group Partners LLC increased its holdings in shares of ConocoPhillips by 164.8% in the third quarter. Kovitz Investment Group Partners LLC now owns 59,776 shares of the energy producer’s stock valued at $6,293,000 after purchasing an additional 37,201 shares during the last quarter. EP Wealth Advisors LLC lifted its position in ConocoPhillips by 22.6% during the third quarter. EP Wealth Advisors LLC now owns 38,690 shares of the energy producer’s stock worth $4,073,000 after acquiring an additional 7,131 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its position in ConocoPhillips by 9.1% during the 3rd quarter. iA Global Asset Management Inc. now owns 24,335 shares of the energy producer’s stock worth $2,562,000 after buying an additional 2,033 shares during the period. 82.36% of the stock is owned by institutional investors.

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.