ConocoPhillips (NYSE:COP) Stock Price Target Lowered at Wells Fargo & Company

ConocoPhillips (NYSE:COP) had its target price lowered by Wells Fargo & Company from $189.00 to $185.00 in a report released on Friday,Benzinga reports. The firm currently has an overweight rating on the energy producer’s stock.

COP has been the topic of several other reports. Argus upped their target price on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Truist Financial lifted their price target on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a “hold” rating in a research report on Wednesday, October 7th. Stifel Nicolaus initiated coverage on ConocoPhillips in a report on Thursday, September 10th. They issued a “hold” rating and a $148.00 price target on the stock. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $157.00 price target on shares of ConocoPhillips in a report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $145.04.

ConocoPhillips Price Performance

Shares of NYSE COP traded up $0.92 during trading on Friday, hitting $136.38. 7,656,178 shares of the company were exchanged, compared to its average volume of 5,991,996. The company has a market cap of $163.84 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.43 and a beta of 0.16. ConocoPhillips has a 1 year low of $85.59 and a 1 year high of $154.28. The firm’s fifty day moving average price is $136.92 and its 200 day moving average price is $122.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.05 by $0.22. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.59 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.61 EPS. On average, sell-side analysts expect that ConocoPhillips will post 11.81 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be issued a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Monday, November 16th. ConocoPhillips’s payout ratio is presently 44.44%.

Insider Activity

In related news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by corporate insiders.

Institutional Trading of ConocoPhillips

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares during the last quarter. BlackRock Inc. lifted its stake in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after buying an additional 2,712,703 shares during the period. Wellington Management Group LLP boosted its position in ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after acquiring an additional 1,609,759 shares during the last quarter. Bank of America Corp DE acquired a new stake in ConocoPhillips during the second quarter worth approximately $1,260,482,000. Finally, Primecap Management Co. CA acquired a new stake in ConocoPhillips during the second quarter worth approximately $1,204,726,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Key Headlines Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong Q3 results: ConocoPhillips reported adjusted earnings of $3.27 per share, above estimates, as higher realized commodity prices helped more than double earnings year over year. Revenue also topped expectations, and operating cash flow reached $7.2 billion. Article: ConocoPhillips Q3 Earnings Beat Estimates on Higher Commodity Prices
• Positive Sentiment: Higher shareholder payout and cash-flow ambitions: The company increased its quarterly dividend about 11%, to $0.93 per share. Management also reiterated a plan for roughly $7 billion in additional free cash flow by 2029, supported by lower capital spending, production growth and shareholder returns. Article: Is ConocoPhillips a Buy After Its Latest Earnings Report?
• Positive Sentiment: Willow project progress: The Alaska project is approaching a key milestone, with drilling targeted for 2027, supporting the company’s future production outlook. Article: ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone
• Neutral Sentiment: Analyst view remains favorable, but one target was trimmed: Wells Fargo lowered its price target from $189 to $185 while retaining an Overweight rating. Article: Wells Fargo recommendations
• Negative Sentiment: Production and price sensitivity: Output declined in the quarter, even as higher oil prices boosted results. That leaves earnings and cash returns exposed if commodity prices retreat. ETFs were also net sellers of about $22.9 million of COP shares on Nov. 4, a modest near-term pressure. Article: ETFs Are Net Sellers of ConocoPhillips

About ConocoPhillips

ConocoPhillips is an independent exploration and production company focused on finding, developing and producing oil and natural gas. Its products include crude oil, natural gas, liquefied natural gas and natural gas liquids.

The company operates in several regions, including North America, Europe, the Middle East, North Africa and the Asia-Pacific. Its activities span exploration, development and production, with a portfolio that includes both conventional and unconventional resources.

ConocoPhillips was formed in 2002 through the merger of Conoco and Phillips Petroleum.