ConocoPhillips (NYSE:COP) Sets New 12-Month High – Here’s Why

ConocoPhillips (NYSE:COP)’s share price reached a new 52-week high on Monday. The stock traded as high as $152.77 and last traded at $150.4840, with a volume of 7,243,476 shares changing hands. The stock had previously closed at $150.80.

Key Stories Impacting ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: Strong oil-price backdrop: COP recently reached a new 52-week high as Brent crude rose above $116 per barrel, supporting the outlook for exploration and production companies’ cash flow and earnings. Why Did XOM, COP, CVX Jump To 52-Week Highs Last Week?
• Positive Sentiment: Near-term earnings optimism: Analysts expect a double-digit increase in third-quarter earnings, providing a potential catalyst if production, realized prices, and guidance exceed expectations. What to Expect From ConocoPhillips’ Next Quarterly Earnings Report
• Neutral Sentiment: Analyst view remains cautious but constructive: Piper Sandler initiated coverage with a “neutral” rating and a $157 price target, implying moderate upside from recent levels but no strong recommendation to buy. Piper Sandler Stock Recommendations
• Neutral Sentiment: Momentum has been positive: COP gained nearly 3% over the past week and recently set a 52-week high, but the pullback indicates investors may be locking in gains after the strong run. ConocoPhillips Is Up 2.93% in One Week
• Negative Sentiment: Canadian workforce cuts are weighing on sentiment: ConocoPhillips plans another reduction in its Canadian workforce as it restructures regional operations. While the move could lower costs and align staffing with project priorities, repeated cuts raise questions about growth plans, employee relations, and asset investment. ConocoPhillips Plans Job Cuts in Canada for Second Straight Year

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Raymond James Financial restated an “underperform” rating and set a $168.00 price target on shares of ConocoPhillips in a research note on Monday, August 24th. Zacks Research upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Jefferies Financial Group lifted their price objective on ConocoPhillips from $159.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Barclays dropped their price objective on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Finally, Argus boosted their price objective on ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $145.00.

ConocoPhillips Price Performance

The firm has a market cap of $177.72 billion, a PE ratio of 19.57 and a beta of 0.24. The company’s 50 day moving average price is $134.99 and its 200 day moving average price is $120.24.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. The business had revenue of $19.52 billion for the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips’s quarterly revenue was up 32.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.42 earnings per share. Sell-side analysts expect that ConocoPhillips will post 11.42 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a $0.84 dividend. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.3%. ConocoPhillips’s payout ratio is 44.44%.

Insider Buying and Selling at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.09% of the company’s stock.

Institutional Investors Weigh In On ConocoPhillips

Several large investors have recently bought and sold shares of the stock. State Street Corp raised its position in ConocoPhillips by 73.2% in the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock valued at $12,328,767,000 after purchasing an additional 50,116,727 shares in the last quarter. BlackRock Inc. grew its position in shares of ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after buying an additional 2,712,703 shares in the last quarter. Wellington Management Group LLP grew its position in shares of ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after buying an additional 1,609,759 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of ConocoPhillips during the second quarter worth about $1,260,482,000. Finally, Primecap Management Co. CA purchased a new stake in shares of ConocoPhillips during the second quarter worth approximately $1,204,726,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Company Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.