Truist Increases ConocoPhillips (NYSE:COP) Price Target to $84.00

ConocoPhillips (NYSE:COP) had its price objective hoisted by Truist from $78.00 to $84.00 in a research report sent to investors on Tuesday, The Fly reports. The brokerage currently has a buy rating on the energy producer’s stock.

A number of other equities research analysts have also commented on the stock. Mizuho increased their price objective on shares of ConocoPhillips from $82.00 to $86.00 and gave the stock a buy rating in a report on Thursday, July 15th. increased their price objective on shares of ConocoPhillips from $65.00 to $70.00 and gave the stock a buy rating in a report on Thursday, July 1st. Citigroup increased their price objective on shares of ConocoPhillips from $65.00 to $70.00 and gave the stock a buy rating in a report on Thursday, July 1st. Raymond James reduced their target price on shares of ConocoPhillips from $85.00 to $80.00 and set a strong-buy rating on the stock in a research note on Tuesday, August 24th. Finally, Evercore ISI raised their target price on shares of ConocoPhillips from $68.00 to $72.00 and gave the company an outperform rating in a research note on Monday, June 28th. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average price target of $72.43.

COP opened at $65.02 on Tuesday. The firm’s 50-day simple moving average is $56.51 and its 200-day simple moving average is $56.27. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.97 and a current ratio of 2.11. ConocoPhillips has a twelve month low of $27.53 and a twelve month high of $65.70. The firm has a market cap of $87.07 billion, a price-to-earnings ratio of 56.05, a PEG ratio of 1.56 and a beta of 1.77.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Tuesday, August 3rd. The energy producer reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.17. ConocoPhillips had a net margin of 5.93% and a return on equity of 5.64%. The firm had revenue of $10.21 billion for the quarter, compared to analyst estimates of $10.44 billion. During the same quarter in the prior year, the firm earned ($0.92) EPS. As a group, sell-side analysts anticipate that ConocoPhillips will post 4.79 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 1st. Investors of record on Thursday, October 28th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.83%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Wednesday, October 27th. ConocoPhillips’s dividend payout ratio (DPR) is currently -177.32%.

In other ConocoPhillips news, Director Jody Freeman sold 3,334 shares of the firm’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $59.65, for a total transaction of $198,873.10. Following the sale, the director now directly owns 8,251 shares in the company, valued at approximately $492,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director R A. Walker bought 18,000 shares of the company’s stock in a transaction on Monday, August 9th. The shares were bought at an average price of $55.50 per share, for a total transaction of $999,000.00. The disclosure for this purchase can be found here. Company insiders own 0.08% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of COP. Sigma Planning Corp grew its stake in shares of ConocoPhillips by 11.8% during the 1st quarter. Sigma Planning Corp now owns 18,359 shares of the energy producer’s stock worth $973,000 after acquiring an additional 1,931 shares in the last quarter. Prime Capital Investment Advisors LLC grew its stake in shares of ConocoPhillips by 128.1% in the first quarter. Prime Capital Investment Advisors LLC now owns 739 shares of the energy producer’s stock valued at $39,000 after buying an additional 415 shares in the last quarter. Sowell Financial Services LLC grew its stake in shares of ConocoPhillips by 6.0% in the first quarter. Sowell Financial Services LLC now owns 23,890 shares of the energy producer’s stock valued at $1,331,000 after buying an additional 1,345 shares in the last quarter. D.A. Davidson & CO. grew its stake in shares of ConocoPhillips by 14.4% in the first quarter. D.A. Davidson & CO. now owns 94,053 shares of the energy producer’s stock valued at $4,982,000 after buying an additional 11,804 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of ConocoPhillips by 9.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 218,774 shares of the energy producer’s stock valued at $11,588,000 after buying an additional 19,002 shares in the last quarter. 78.47% of the stock is owned by institutional investors.

ConocoPhillips Company Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

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