ConocoPhillips (NYSE:COP) Upgraded to “Outperform” at Mizuho

Mizuho upgraded shares of ConocoPhillips (NYSE:COP) from a neutral rating to an outperform rating in a research report sent to investors on Monday morning, Marketbeat reports. The firm currently has $134.00 target price on the energy producer’s stock, up from their previous target price of $132.00.

A number of other brokerages also recently issued reports on COP. Barclays increased their price objective on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Wells Fargo & Company lifted their price target on ConocoPhillips from $131.00 to $134.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Truist Financial decreased their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a research report on Friday, September 13th. Finally, Evercore ISI reissued an “outperform” rating and issued a $165.00 price target on shares of ConocoPhillips in a report on Friday, December 6th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $139.24.

ConocoPhillips Stock Performance

Shares of COP opened at $99.57 on Monday. ConocoPhillips has a 52-week low of $99.43 and a 52-week high of $135.18. The stock’s 50-day simple moving average is $107.46 and its 200 day simple moving average is $109.54. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The stock has a market capitalization of $114.60 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.83 and a beta of 1.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.16 earnings per share. Research analysts forecast that ConocoPhillips will post 7.77 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date was Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is 37.10%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Fidelity D & D Bancorp Inc. increased its holdings in ConocoPhillips by 4.7% during the 3rd quarter. Fidelity D & D Bancorp Inc. now owns 2,884 shares of the energy producer’s stock valued at $304,000 after purchasing an additional 129 shares during the period. Oddo BHF Asset Management Sas purchased a new position in shares of ConocoPhillips during the third quarter valued at approximately $4,698,000. Franklin Resources Inc. raised its holdings in shares of ConocoPhillips by 12.5% during the third quarter. Franklin Resources Inc. now owns 13,557,351 shares of the energy producer’s stock valued at $1,469,163,000 after acquiring an additional 1,506,599 shares in the last quarter. Synovus Financial Corp lifted its stake in ConocoPhillips by 1.3% in the third quarter. Synovus Financial Corp now owns 45,995 shares of the energy producer’s stock worth $4,842,000 after acquiring an additional 582 shares during the period. Finally, Tidal Investments LLC boosted its holdings in ConocoPhillips by 42.7% in the third quarter. Tidal Investments LLC now owns 103,553 shares of the energy producer’s stock valued at $10,902,000 after acquiring an additional 31,011 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Company Profile

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.