Wells Fargo & Company Lowers ConocoPhillips (NYSE:COP) Price Target to $116.00

ConocoPhillips (NYSE:COP) had its target price reduced by research analysts at Wells Fargo & Company from $131.00 to $116.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 33.98% from the stock’s previous close.

COP has been the subject of several other research reports. Barclays lowered their price target on shares of ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. JPMorgan Chase & Co. lowered their price target on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a research note on Thursday, January 30th. Truist Financial raised their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Royal Bank of Canada dropped their price target on ConocoPhillips from $133.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus target price of $129.11.

ConocoPhillips Stock Performance

Shares of COP stock traded up $0.13 on Tuesday, hitting $86.58. 639,643 shares of the stock traded hands, compared to its average volume of 7,039,481. The company’s fifty day moving average is $96.24 and its 200 day moving average is $101.91. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $132.61. The company has a market capitalization of $109.45 billion, a PE ratio of 11.11, a PEG ratio of 0.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, equities research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of COP. Albion Financial Group UT boosted its stake in ConocoPhillips by 876.9% during the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after purchasing an additional 228 shares during the period. Murphy & Mullick Capital Management Corp bought a new position in ConocoPhillips during the fourth quarter worth $26,000. Centricity Wealth Management LLC bought a new stake in ConocoPhillips in the 4th quarter valued at $27,000. 10Elms LLP acquired a new stake in ConocoPhillips in the 4th quarter worth $28,000. Finally, Crowley Wealth Management Inc. bought a new position in shares of ConocoPhillips during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

About ConocoPhillips

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.