Scotiabank Cuts ConocoPhillips (NYSE:COP) Price Target to $95.00

ConocoPhillips (NYSE:COP - Get Free Report) had its target price lowered by equities researchers at Scotiabank from $115.00 to $95.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the energy producer's stock. Scotiabank's price objective would suggest a potential upside of 10.01% from the company's previous close.

Several other equities analysts have also weighed in on the stock. Piper Sandler cut their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a report on Thursday, January 30th. Barclays cut their target price on ConocoPhillips from $137.00 to $135.00 and set an "overweight" rating on the stock in a report on Monday, February 10th. Morgan Stanley decreased their price target on ConocoPhillips from $131.00 to $126.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Finally, UBS Group reduced their target price on ConocoPhillips from $130.00 to $116.00 and set a "buy" rating for the company in a report on Monday, April 7th. Two investment 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. According to MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average target price of $130.79.

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ConocoPhillips Stock Up 3.7 %

ConocoPhillips stock traded up $3.07 during trading hours on Friday, hitting $86.36. The company had a trading volume of 9,231,132 shares, compared to its average volume of 7,058,038. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The firm has a market capitalization of $109.17 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 0.79 and a beta of 0.83. The firm's fifty day moving average is $96.51 and its 200-day moving average is $102.04.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. On average, research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of ConocoPhillips by 11.7% during the 4th quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer's stock worth $12,081,491,000 after buying an additional 12,751,120 shares during the period. Price T Rowe Associates Inc. MD raised its stake in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of ConocoPhillips by 37.1% during the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock valued at $1,544,101,000 after acquiring an additional 4,211,939 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of ConocoPhillips by 401.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer's stock valued at $438,690,000 after purchasing an additional 3,541,504 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of ConocoPhillips by 13.7% in the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock worth $2,792,521,000 after purchasing an additional 3,397,360 shares during the last quarter. 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.