ConocoPhillips (NYSE:COP) has received a consensus recommendation of “Buy” from the twenty-five research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, sixteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $58.75.
A number of equities analysts have weighed in on the stock. UBS Group assumed coverage on shares of ConocoPhillips in a research report on Wednesday. They issued a “buy” rating and a $60.00 price target for the company. Barclays set a $71.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Sunday, March 4th. Argus dropped their price target on shares of ConocoPhillips from $65.00 to $54.54 and set a “buy” rating for the company in a research report on Friday, February 16th. Zacks Investment Research upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating and set a $61.00 price target for the company in a research report on Wednesday, February 14th. Finally, Citigroup upped their price target on shares of ConocoPhillips from $57.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, February 9th.
Shares of ConocoPhillips (COP) traded up $1.49 during midday trading on Wednesday, reaching $55.06. 5,310,042 shares of the company traded hands, compared to its average volume of 6,430,000. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.76 and a quick ratio of 1.64. The company has a market capitalization of $66,470.00, a price-to-earnings ratio of -40.49, a price-to-earnings-growth ratio of 1.59 and a beta of 1.33. ConocoPhillips has a 12 month low of $42.26 and a 12 month high of $61.31.
ConocoPhillips announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the energy producer to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Stockholders of record on Monday, February 12th were paid a $0.285 dividend. The ex-dividend date was Friday, February 9th. This represents a $1.14 annualized dividend and a dividend yield of 2.07%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.27. ConocoPhillips’s dividend payout ratio is currently -83.82%.
In related news, Director Charles E. Bunch purchased 2,000 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were purchased at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the acquisition, the director now owns 3,429 shares in the company, valued at approximately $178,513.74. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.82% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank grew its holdings in ConocoPhillips by 16.1% during the 2nd quarter. Toronto Dominion Bank now owns 616,392 shares of the energy producer’s stock worth $27,092,000 after acquiring an additional 85,538 shares in the last quarter. Korea Investment CORP lifted its position in shares of ConocoPhillips by 32.8% during the third quarter. Korea Investment CORP now owns 1,026,000 shares of the energy producer’s stock valued at $51,351,000 after buying an additional 253,600 shares during the last quarter. Intact Investment Management Inc. lifted its position in shares of ConocoPhillips by 94.3% during the third quarter. Intact Investment Management Inc. now owns 10,300 shares of the energy producer’s stock valued at $515,000 after buying an additional 5,000 shares during the last quarter. Johnson Financial Group Inc. lifted its position in shares of ConocoPhillips by 38.8% during the third quarter. Johnson Financial Group Inc. now owns 24,924 shares of the energy producer’s stock valued at $1,247,000 after buying an additional 6,972 shares during the last quarter. Finally, Royal Bank of Scotland Group PLC purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at about $21,216,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.
ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.
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