Stocks: ConocoPhillips (COP) Downgraded by Bank of America Corp to “Neutral”

Stocks: ConocoPhillips (COP) Downgraded by Bank of America Corp to “Neutral”

Bank of America Corp cut shares of ConocoPhillips (NYSE:COP) from a buy rating to a neutral rating in a report issued on Thursday. The firm currently has $67.00 price objective on the energy producer’s stock, down from their previous price objective of $68.00.

Several other equities analysts also recently weighed in on the stock. Jefferies Group LLC reiterated a hold rating and issued a $55.00 target price on shares of ConocoPhillips in a research note on Friday, May 5th. Guggenheim began coverage on shares of ConocoPhillips in a research note on Tuesday, April 18th. They issued a neutral rating for the company. Cowen and Company reiterated a buy rating on shares of ConocoPhillips in a research note on Friday, April 14th. Scotiabank set a $57.00 target price on shares of ConocoPhillips and gave the stock a buy rating in a research note on Thursday, April 6th. Finally, Instinet reiterated a neutral rating and issued a $54.00 target price on shares of ConocoPhillips in a research note on Monday, April 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. ConocoPhillips presently has a consensus rating of Buy and a consensus price target of $56.70.

Shares of ConocoPhillips (NYSE:COP) traded down 1.297% on Thursday, reaching $46.805. 4,412,825 shares of the company were exchanged. ConocoPhillips has a 12-month low of $38.80 and a 12-month high of $53.17. The firm’s market capitalization is $57.90 billion. The company’s 50 day moving average is $47.77 and its 200 day moving average is $47.91.

ConocoPhillips (NYSE:COP) last posted its earnings results on Tuesday, May 2nd. The energy producer reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.05. The business had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.47 billion. ConocoPhillips had a negative return on equity of 8.73% and a negative net margin of 14.84%. During the same quarter in the previous year, the business earned ($0.95) EPS. Analysts forecast that ConocoPhillips will post $0.64 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be given a dividend of $0.265 per share. The ex-dividend date is Thursday, May 11th. This represents a $1.06 annualized dividend and a yield of 2.24%. ConocoPhillips’s payout ratio is presently -36.43%.

A number of large investors have recently made changes to their positions in the stock. Gemmer Asset Management LLC raised its stake in shares of ConocoPhillips by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 2,167 shares of the energy producer’s stock valued at $108,000 after buying an additional 8 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of ConocoPhillips by 30.9% in the first quarter. Quadrant Capital Group LLC now owns 2,413 shares of the energy producer’s stock valued at $109,000 after buying an additional 569 shares during the last quarter. Financial Management Professionals Inc. raised its stake in shares of ConocoPhillips by 0.3% in the first quarter. Financial Management Professionals Inc. now owns 2,288 shares of the energy producer’s stock valued at $114,000 after buying an additional 6 shares during the last quarter. Advocacy Wealth Management Services LLC raised its stake in shares of ConocoPhillips by 4.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 2,329 shares of the energy producer’s stock valued at $116,000 after buying an additional 100 shares during the last quarter. Finally, Westside Investment Management Inc. raised its stake in shares of ConocoPhillips by 468.4% in the first quarter. Westside Investment Management Inc. now owns 2,427 shares of the energy producer’s stock valued at $119,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 65.39% of the company’s stock.

About ConocoPhillips

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 six segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International.

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