ConocoPhillips (NYSE:COP) Cut to “Hold” at Freedom Broker

Freedom Broker downgraded shares of ConocoPhillips (NYSE:COP) from a buy rating to a hold rating in a research report report published on Wednesday morning, MarketBeat.com reports. Freedom Broker currently has $138.00 price target on the energy producer’s stock, up from their prior price target of $122.00.

A number of other analysts have also weighed in on the stock. Barclays reduced their price target on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Seaport Research Partners initiated coverage on shares of ConocoPhillips in a research note on Thursday, September 3rd. They set a “neutral” rating on the stock. Wall Street Zen raised ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. The Goldman Sachs Group reissued a “buy” rating and set a $157.00 target price on shares of ConocoPhillips in a report on Tuesday, October 20th. Finally, Weiss Ratings upgraded ConocoPhillips from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.31.

ConocoPhillips Stock Up 1.6%

COP stock opened at $142.27 on Wednesday. The company has a market capitalization of $168.21 billion, a P/E ratio of 14.87, a PEG ratio of 1.28 and a beta of 0.16. The firm has a 50 day simple moving average of $137.29 and a 200-day simple moving average of $123.10. The company has a current ratio of 1.52, a quick ratio of 1.37 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $85.70 and a twelve month high of $154.28.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, November 5th. The energy producer reported $3.27 earnings per share for the quarter, beating analysts’ consensus estimates of $3.05 by $0.22. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.59 billion. ConocoPhillips had a return on equity of 17.60% and a net margin of 16.55%. The business’s quarterly revenue was up 29.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.61 EPS. On average, equities research analysts predict that ConocoPhillips will post 12.13 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, November 16th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.84. ConocoPhillips’s dividend payout ratio is 35.29%.

Insiders Place Their Bets

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 completion of the sale, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

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

Recent ConocoPhillips Headlines

Here are a few of the latest headlines about COP:

• Positive Sentiment: COP was highlighted among companies that raised dividends, supporting its appeal to income-focused investors. A separate analysis notes an 11% dividend increase and substantial buybacks. Dividend hikes article ConocoPhillips valuation article
• Neutral Sentiment: A report said the shares moved above their 50-day moving average, a technical development that may be supportive, though the move followed an analyst downgrade. Moving-average report
• Negative Sentiment: Sanford C. Bernstein cut its rating from “outperform” to “market perform” and lowered its price target to $122, citing a more cautious view of the shares. Freedom Broker also reportedly moved COP to “hold.” Bernstein analyst ratings Freedom Broker rating report

ConocoPhillips Company Profile

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.