Citigroup Inc. Trims ConocoPhillips (COP) Target Price to $57.00

ConocoPhillips (NYSE:COP) had its target price trimmed by Citigroup Inc. from $65.00 to $57.00 in a report published on Friday, July 21st. The firm currently has a buy rating on the energy producer’s stock.

Several other analysts have also issued reports on COP. UBS AG upgraded shares of ConocoPhillips from a neutral rating to a buy rating and boosted their price objective for the company from $51.00 to $55.00 in a report on Thursday, March 30th. Instinet restated a neutral rating and issued a $54.00 price objective on shares of ConocoPhillips in a report on Monday, April 3rd. Scotiabank set a $54.00 price objective on shares of ConocoPhillips and gave the company a buy rating in a report on Saturday, July 1st. BidaskClub upgraded shares of ConocoPhillips from a strong sell rating to a sell rating in a report on Wednesday, June 14th. Finally, Vetr lowered shares of ConocoPhillips from a strong-buy rating to a buy rating in a report on Friday, March 31st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. ConocoPhillips currently has an average rating of Hold and an average price target of $55.18.

ConocoPhillips (COP) traded up 0.04% on Friday, hitting $45.65. 7,451,119 shares of the stock were exchanged. ConocoPhillips has a 52-week low of $39.00 and a 52-week high of $53.17. The stock’s 50 day moving average price is $44.23 and its 200 day moving average price is $46.67. The firm’s market cap is $55.55 billion.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, July 27th. The energy producer reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative return on equity of 2.86% and a negative net margin of 12.29%. The business had revenue of $8.88 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the previous year, the firm earned ($0.79) EPS. Equities research analysts forecast that ConocoPhillips will post $0.25 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, July 24th will be issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Thursday, July 20th. ConocoPhillips’s dividend payout ratio (DPR) is -34.98%.

In related news, VP James D. Mcmorran sold 9,091 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $47.47, for a total value of $431,549.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Patten & Patten Inc. TN increased its position in shares of ConocoPhillips by 4.6% in the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock worth $2,608,000 after buying an additional 2,607 shares during the period. Sowell Financial Services LLC acquired a new position in shares of ConocoPhillips during the fourth quarter worth about $1,219,000. State of Alaska Department of Revenue acquired a new position in shares of ConocoPhillips during the first quarter worth about $193,000. Seven Eight Capital LP acquired a new position in shares of ConocoPhillips during the fourth quarter worth about $933,000. Finally, First Foundation Advisors acquired a new position in shares of ConocoPhillips during the first quarter worth about $497,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

About ConocoPhillips

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.