Today: ConocoPhillips (COP) Stock Rating Upgrade by Goldman Sachs Group Inc.

Today: ConocoPhillips (COP) Stock Rating Upgrade by Goldman Sachs Group Inc.

ConocoPhillips (NYSE:COP) was upgraded by Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a report released on Monday. The firm currently has a $54.00 price objective on the stock, up from their prior price objective of $47.00. Goldman Sachs Group Inc.’s price objective suggests a potential upside of 16.78% from the company’s current price.

Several other equities analysts have also weighed in on COP. Zacks Investment Research lowered ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Monday, October 24th. Barclays PLC restated an “overweight” rating and issued a $60.00 price target on shares of ConocoPhillips in a research note on Monday, October 10th. Nomura restated a “hold” rating and issued a $49.00 price target on shares of ConocoPhillips in a research note on Monday, October 3rd. Edward Jones upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Monday, November 7th. Finally, Wolfe Research upgraded ConocoPhillips from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Monday, October 24th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. ConocoPhillips has an average rating of “Hold” and a consensus target price of $51.67.

ConocoPhillips (NYSE:COP) traded down 0.55% during midday trading on Monday, hitting $45.50. The stock had a trading volume of 8,888,126 shares. ConocoPhillips has a 12-month low of $31.05 and a 12-month high of $54.75. The firm has a 50-day moving average of $43.61 and a 200-day moving average of $42.80. The company’s market cap is $56.38 billion.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 27th. The company reported ($0.66) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.69) by $0.03. ConocoPhillips had a negative return on equity of 10.68% and a negative net margin of 29.45%. During the same quarter last year, the company posted ($0.38) earnings per share. Equities research analysts forecast that ConocoPhillips will post ($2.83) EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, October 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Thursday, October 13th. ConocoPhillips’s dividend payout ratio is currently -17.67%.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in ConocoPhillips by 2.4% in the second quarter. Vanguard Group Inc. now owns 81,195,111 shares of the company’s stock valued at $3,540,106,000 after buying an additional 1,937,880 shares during the period. FMR LLC raised its position in ConocoPhillips by 61.3% in the second quarter. FMR LLC now owns 41,549,843 shares of the company’s stock valued at $1,811,573,000 after buying an additional 15,793,307 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in ConocoPhillips by 3.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 33,707,193 shares of the company’s stock valued at $1,465,252,000 after buying an additional 1,196,214 shares during the period. BlackRock Fund Advisors raised its position in ConocoPhillips by 1.1% in the third quarter. BlackRock Fund Advisors now owns 19,445,358 shares of the company’s stock valued at $845,290,000 after buying an additional 216,543 shares during the period. Finally, Northern Trust Corp raised its position in ConocoPhillips by 1.4% in the third quarter. Northern Trust Corp now owns 15,540,730 shares of the company’s stock valued at $675,555,000 after buying an additional 209,216 shares during the period. 63.51% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Company Profile

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