Morgan Stanley Analysts Give ConocoPhillips (COP) a $88.00 Price Target

Morgan Stanley set a $88.00 price target on ConocoPhillips (NYSE:COP) in a report issued on Friday. The brokerage currently has a buy rating on the energy producer’s stock.

Other equities analysts have also issued research reports about the stock. Zacks Investment Research raised shares of ConocoPhillips from a hold rating to a buy rating and set a $88.00 price target for the company in a report on Monday, October 8th. Citigroup boosted their price target on shares of ConocoPhillips from $80.00 to $90.00 and gave the company a buy rating in a report on Friday, October 5th. Jefferies Financial Group reissued a hold rating and issued a $80.00 price target on shares of ConocoPhillips in a report on Wednesday, August 15th. Mizuho reissued a hold rating on shares of ConocoPhillips in a report on Tuesday, July 24th. Finally, Goldman Sachs Group lowered shares of ConocoPhillips from a buy rating to a neutral rating in a report on Monday, October 1st. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $74.05.

Shares of COP stock traded up $1.34 on Friday, hitting $73.83. The stock had a trading volume of 6,286,271 shares, compared to its average volume of 6,496,395. ConocoPhillips has a twelve month low of $48.97 and a twelve month high of $80.24. The firm has a market capitalization of $89.95 billion, a price-to-earnings ratio of 123.05, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23. The company has a quick ratio of 1.58, a current ratio of 1.75 and a debt-to-equity ratio of 0.48.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. The company had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.79 billion. During the same quarter in the previous year, the business earned $0.14 EPS. Research analysts expect that ConocoPhillips will post 4.41 earnings per share for the current year.

ConocoPhillips announced that its Board of Directors has approved a stock repurchase program on Thursday, July 12th that allows the company to buyback $9.00 billion in outstanding shares. This buyback authorization allows the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be given a dividend of $0.305 per share. The ex-dividend date is Friday, October 12th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. This represents a $1.22 annualized dividend and a yield of 1.65%. ConocoPhillips’s payout ratio is 190.00%.

In other news, insider Don E. Jr. Wallette sold 59,432 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $71.87, for a total value of $4,271,377.84. Following the sale, the insider now directly owns 83,047 shares of the company’s stock, valued at approximately $5,968,587.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Glenda Mae Schwarz sold 18,882 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the completion of the sale, the vice president now directly owns 29,064 shares in the company, valued at $2,067,903.60. The disclosure for this sale can be found here. Insiders have sold a total of 288,378 shares of company stock worth $20,769,145 over the last three months. Insiders own 0.88% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Abbrea Capital LLC grew its holdings in shares of ConocoPhillips by 4.6% during the second quarter. Abbrea Capital LLC now owns 16,086 shares of the energy producer’s stock valued at $1,120,000 after buying an additional 705 shares during the last quarter. BKD Wealth Advisors LLC lifted its position in shares of ConocoPhillips by 1.0% during the third quarter. BKD Wealth Advisors LLC now owns 69,862 shares of the energy producer’s stock valued at $5,407,000 after purchasing an additional 725 shares in the last quarter. Augustine Asset Management Inc. lifted its position in shares of ConocoPhillips by 1.9% during the second quarter. Augustine Asset Management Inc. now owns 38,754 shares of the energy producer’s stock valued at $2,698,000 after purchasing an additional 726 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of ConocoPhillips by 0.5% during the second quarter. Mutual of America Capital Management LLC now owns 151,049 shares of the energy producer’s stock valued at $10,516,000 after purchasing an additional 741 shares in the last quarter. Finally, HPM Partners LLC lifted its position in shares of ConocoPhillips by 4.3% during the second quarter. HPM Partners LLC now owns 17,804 shares of the energy producer’s stock valued at $1,240,000 after purchasing an additional 742 shares in the last quarter. 71.29% of the stock is currently owned by institutional investors.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.

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Analyst Recommendations for ConocoPhillips (NYSE:COP)

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