UBS Group Cuts ConocoPhillips (NYSE:COP) Price Target to $117.00

ConocoPhillips (NYSE:COP) had its price objective cut by UBS Group from $122.00 to $117.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the energy producer’s stock.

A number of other analysts have also recently issued reports on the stock. Wolfe Research reissued an “outperform” rating and issued a $131.00 price objective on shares of ConocoPhillips in a research note on Thursday, November 6th. Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 target price for the company. Royal Bank Of Canada increased their price target on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Mizuho decreased their price target on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Piper Sandler dropped their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 13th. Eighteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.33.

ConocoPhillips Stock Up 2.3%

NYSE COP opened at $91.44 on Wednesday. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $112.99 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58. The stock’s 50-day moving average price is $90.93 and its 200-day moving average price is $91.93.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.51 billion. During the same period in the previous year, the company posted $1.78 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. On average, equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a $0.84 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, November 17th. ConocoPhillips’s dividend payout ratio (DPR) is presently 47.52%.

Insider Buying and Selling

In other news, Director William H. Mcraven purchased 5,768 shares of the business’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the acquisition, the director directly owned 5,768 shares of the company’s stock, valued at $499,970.24. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital International Investors boosted its stake in shares of ConocoPhillips by 18.2% during the 3rd quarter. Capital International Investors now owns 45,645,397 shares of the energy producer’s stock worth $4,318,239,000 after purchasing an additional 7,037,873 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in 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 worth $3,623,946,000 after purchasing an additional 287,970 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of ConocoPhillips by 1.4% during the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after buying an additional 437,709 shares during the period. Fisher Asset Management LLC grew its stake in shares of ConocoPhillips by 1.8% during 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. Finally, Ameriprise Financial Inc. raised its holdings in shares of ConocoPhillips by 31.4% in the second quarter. Ameriprise Financial Inc. now owns 10,778,664 shares of the energy producer’s stock worth $966,267,000 after buying an additional 2,575,803 shares during the period. 82.36% of the stock is currently 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.