Traders Buy ConocoPhillips (COP) on Weakness

Investors bought shares of ConocoPhillips (NYSE:COP) on weakness during trading on Friday. $69.59 million flowed into the stock on the tick-up and $39.55 million flowed out of the stock on the tick-down, for a money net flow of $30.04 million into the stock. Of all stocks tracked, ConocoPhillips had the 29th highest net in-flow for the day. ConocoPhillips traded down ($0.01) for the day and closed at $59.75

COP has been the subject of several recent analyst reports. Scotiabank reaffirmed a “buy” rating and set a $53.00 price objective on shares of ConocoPhillips in a research note on Friday, September 29th. Royal Bank of Canada reaffirmed a “buy” rating and set a $54.00 price objective on shares of ConocoPhillips in a research note on Friday, September 29th. Zacks Investment Research cut shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Barclays reaffirmed an “overweight” rating and set a $55.00 price objective (up previously from $51.00) on shares of ConocoPhillips in a research note on Tuesday, October 10th. Finally, Morgan Stanley boosted their price objective on shares of ConocoPhillips from $45.00 to $48.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $56.35.

The company has a market cap of $71,432.08, a PE ratio of 2,987.50, a PEG ratio of 2.59 and a beta of 1.26. The company has a current ratio of 2.38, a quick ratio of 2.23 and a debt-to-equity ratio of 0.64.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 26th. The energy producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. ConocoPhillips had a negative net margin of 7.32% and a positive return on equity of 0.12%. The business had revenue of $7.20 billion during the quarter, compared to analyst estimates of $6.55 billion. During the same period in the previous year, the business posted ($0.66) earnings per share. research analysts anticipate that ConocoPhillips will post 0.57 earnings per share for the current fiscal year.

In related news, Director Charles E. Bunch bought 2,000 shares of the company’s stock in a transaction on Monday, December 11th. The stock was acquired at an average cost of $52.06 per share, for a total transaction of $104,120.00. Following the completion of the transaction, the director now directly owns 3,429 shares in the company, valued at approximately $178,513.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of ConocoPhillips by 7.8% in the 2nd quarter. BlackRock Inc. now owns 85,821,694 shares of the energy producer’s stock worth $3,772,723,000 after acquiring an additional 6,197,896 shares during the last quarter. AJO LP lifted its holdings in shares of ConocoPhillips by 3,000.7% in the 2nd quarter. AJO LP now owns 2,988,018 shares of the energy producer’s stock worth $131,353,000 after acquiring an additional 2,891,652 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of ConocoPhillips by 21.6% in the 2nd quarter. Franklin Resources Inc. now owns 12,025,415 shares of the energy producer’s stock worth $528,635,000 after acquiring an additional 2,134,292 shares during the last quarter. Brandywine Global Investment Management LLC lifted its holdings in shares of ConocoPhillips by 183.5% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 3,138,796 shares of the energy producer’s stock worth $137,982,000 after acquiring an additional 2,031,830 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings in shares of ConocoPhillips by 49.2% in the 2nd quarter. Eaton Vance Management now owns 5,395,400 shares of the energy producer’s stock worth $237,182,000 after acquiring an additional 1,780,223 shares during the last quarter. Institutional investors and hedge funds own 69.73% of the company’s stock.

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ConocoPhillips Company Profile

ConocoPhillips is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through five segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.

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