Truist Financial Forecasts Strong Price Appreciation for ConocoPhillips (NYSE:COP) Stock

ConocoPhillips (NYSE:COP) had its target price boosted by Truist Financial from $138.00 to $139.00 in a report released on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the energy producer’s stock.

COP has been the topic of a number of other research reports. Susquehanna upped their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research report on Friday, November 1st. BMO Capital Markets boosted their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Barclays increased their price objective on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Morgan Stanley initiated coverage on shares of ConocoPhillips in a research report on Monday, December 16th. They set an “overweight” rating and a $128.00 price target on the stock. Finally, Piper Sandler reduced their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $136.65.

ConocoPhillips Stock Performance

NYSE:COP opened at $105.45 on Monday. ConocoPhillips has a fifty-two week low of $94.23 and a fifty-two week high of $135.18. The stock has a fifty day moving average price of $104.21 and a 200-day moving average price of $107.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The company has a market cap of $121.36 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.81 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.16 EPS. As a group, equities analysts anticipate that ConocoPhillips will post 7.7 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were paid a $0.78 dividend. The ex-dividend date was Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.96%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is presently 37.10%.

Insider Transactions at ConocoPhillips

In related news, Director Arjun N. Murti purchased 2,500 shares of ConocoPhillips stock in a transaction that occurred on Friday, December 20th. The shares were bought at an average price of $95.87 per share, with a total value of $239,675.00. Following the purchase, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. This represents a 13.16 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the completion of the acquisition, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. This represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Institutional Trading of ConocoPhillips

Several large investors have recently added to or reduced their stakes in COP. Values First Advisors Inc. purchased a new stake in ConocoPhillips during the third quarter worth $26,000. Reston Wealth Management LLC purchased a new stake in ConocoPhillips during the 3rd quarter worth approximately $31,000. Truvestments Capital LLC acquired a new position in ConocoPhillips in the 3rd quarter valued at $31,000. Global Wealth Strategies & Associates raised its position in shares of ConocoPhillips by 80.5% in the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after buying an additional 153 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.