Morgan Stanley Raises ConocoPhillips (COP) Price Target to $48.00

ConocoPhillips (NYSE:COP) had its price objective increased by Morgan Stanley from $45.00 to $48.00 in a report released on Wednesday morning. Morgan Stanley currently has an equal weight rating on the energy producer’s stock.

A number of other research firms have also issued reports on COP. Royal Bank Of Canada reaffirmed a buy rating and set a $54.00 target price on shares of ConocoPhillips in a report on Friday, September 29th. Scotiabank reaffirmed a buy rating and set a $53.00 target price on shares of ConocoPhillips in a report on Friday, September 29th. Barclays PLC reaffirmed an overweight rating and set a $55.00 target price (up previously from $51.00) on shares of ConocoPhillips in a report on Tuesday, October 10th. Zacks Investment Research lowered shares of ConocoPhillips from a hold rating to a sell rating in a report on Tuesday, October 10th. Finally, J P Morgan Chase & Co reaffirmed an overweight rating on shares of ConocoPhillips in a report on Saturday, September 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. ConocoPhillips currently has a consensus rating of Hold and an average target price of $54.20.

Shares of ConocoPhillips (COP) traded up 1.09% during trading on Wednesday, hitting $50.25. 5,993,187 shares of the company’s stock were exchanged. ConocoPhillips has a 12-month low of $41.13 and a 12-month high of $53.17. The company’s market cap is $61.15 billion. The company has a 50-day moving average of $48.15 and a 200-day moving average of $46.16.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, July 27th. The energy producer reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.16. ConocoPhillips had a negative net margin of 12.29% and a negative return on equity of 2.86%. The business had revenue of $8.88 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter in the prior year, the firm earned ($0.79) earnings per share. On average, equities analysts expect that ConocoPhillips will post $0.31 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Monday, October 16th will be issued a $0.265 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.06 annualized dividend and a yield of 2.11%. ConocoPhillips’s dividend payout ratio (DPR) is -34.98%.

Large investors have recently modified their holdings of the stock. Patten & Patten Inc. TN raised its holdings in ConocoPhillips by 4.6% in the second quarter. Patten & Patten Inc. TN now owns 59,322 shares of the energy producer’s stock valued at $2,608,000 after acquiring an additional 2,607 shares in the last quarter. Shell Asset Management Co. raised its holdings in ConocoPhillips by 2.4% in the second quarter. Shell Asset Management Co. now owns 202,066 shares of the energy producer’s stock valued at $8,883,000 after acquiring an additional 4,647 shares in the last quarter. First Foundation Advisors acquired a new stake in ConocoPhillips in the first quarter valued at approximately $497,000. FMR LLC raised its holdings in ConocoPhillips by 6.9% in the first quarter. FMR LLC now owns 61,497,903 shares of the energy producer’s stock valued at $3,066,900,000 after acquiring an additional 3,982,002 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in ConocoPhillips by 12.5% in the first quarter. Citizens Financial Group Inc. RI now owns 210,916 shares of the energy producer’s stock valued at $10,518,000 after acquiring an additional 23,434 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Company Profile

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.

Analyst Recommendations for ConocoPhillips (NYSE:COP)

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