Rating Change: Goldman Sachs: Time To Give Faith In ConocoPhillips (NYSE:COP)

November 28, 2016 - By Ellis Scott

Rating Change:  Goldman Sachs: Time To Give Faith In ConocoPhillips (NYSE:COP)

ConocoPhillips (NYSE:COP) Upgrade

ConocoPhillips (NYSE:COP)‘s rating was upped by research professionals at Goldman Sachs from a Neutral rating to a Buy rating in a a note shared with investors and clients on 28 November. The firm from today has a $54.00 TP on the stock. Goldman Sachs’s TP suggests a potential upside of 16.98%.

ConocoPhillips (NYSE:COP) Ratings Coverage

Out of 20 analysts covering ConocoPhillips (NYSE:COP), 11 rate it a “Buy”, 1 “Sell”, while 8 “Hold”. This means 55% are positive. $77 is the highest target while $31 is the lowest. The $49.60 average target is 7.45% above today’s ($46.16) stock price. ConocoPhillips has been the topic of 45 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The company was downgraded on Thursday, February 4 by Societe Generale. JP Morgan maintained ConocoPhillips (NYSE:COP) rating on Tuesday, December 15. JP Morgan has “Underweight” rating and $45 price target. The rating was downgraded by Wolfe Research on Thursday, February 11 to “Peer Perform”. The firm has “Outperform” rating by Credit Agricole given on Tuesday, December 15. As per Monday, August 24, the company rating was upgraded by Vetr. As per Friday, October 28, the company rating was upgraded by Piper Jaffray. JP Morgan upgraded ConocoPhillips (NYSE:COP) on Monday, September 12 to “Overweight” rating. The firm has “Buy” rating by Bank of America given on Tuesday, October 20. The rating was maintained by Citigroup with “Buy” on Friday, April 29. Deutsche Bank maintained it with “Buy” rating and $62 target price in Tuesday, March 29 report.

About 5.51 million shares traded hands. ConocoPhillips (NYSE:COP) has declined 1.12% since April 25, 2016 and is downtrending. It has underperformed by 7.14% the S&P500.

Analysts await ConocoPhillips (NYSE:COP) to report earnings on February, 2. They expect $-0.30 EPS, up 66.67% or $0.60 from last year’s $-0.9 per share. After $-0.66 actual EPS reported by ConocoPhillips for the previous quarter, Wall Street now forecasts -54.55% EPS growth.

Insitutional Activity: The institutional sentiment increased to 0.8 in Q2 2016. Its up 0.02, from 0.78 in 2016Q1. The ratio increased, as 69 funds sold all ConocoPhillips shares owned while 510 reduced positions. 81 funds bought stakes while 371 increased positions. They now own 776.95 million shares or 3.49% more from 750.77 million shares in 2016Q1.

Moreover, Eagle Asset Mngmt has 0.01% invested in ConocoPhillips (NYSE:COP) for 29,899 shares. Bath Savings Tru holds 0.09% of its portfolio in ConocoPhillips (NYSE:COP) for 6,732 shares. Moreover, Usca Ria Ltd Liability Com has 0.31% invested in ConocoPhillips (NYSE:COP) for 42,020 shares. Arizona State Retirement holds 0.19% or 303,780 shares in its portfolio. Putnam Investments Limited Company accumulated 1.94 million shares or 0.21% of the stock. Barnett And Communication has 0.04% invested in the company for 1,591 shares. Guardian Capital Limited Partnership owns 6,332 shares or 0% of their US portfolio. Roof Eidam Maycock Adv has invested 0.31% of its portfolio in ConocoPhillips (NYSE:COP). Carlton Hofferkamp Jenks Wealth Ltd last reported 0.3% of its portfolio in the stock. Congress Asset Mngmt Ma holds 131,400 shares or 0.13% of its portfolio. Savings Bank Of America De has invested 0.11% of its portfolio in ConocoPhillips (NYSE:COP). West Coast Financial last reported 0.82% of its portfolio in the stock. Capital Guardian Trust Company last reported 0.35% of its portfolio in the stock. Eos Mngmt Ltd Partnership holds 0.7% or 8,318 shares in its portfolio. South Texas Money Mgmt Limited holds 0.02% of its portfolio in ConocoPhillips (NYSE:COP) for 8,890 shares.

Insider Transactions: Since July 29, 2016, the stock had 3 buys, and 0 sales for $957,430 net activity. COPELAND JAMES E JR also bought $496,750 worth of ConocoPhillips (NYSE:COP) shares. DeSanctis Ellen bought $202,500 worth of ConocoPhillips (NYSE:COP) on Thursday, August 11. Murti Arjun N also bought $258,180 worth of ConocoPhillips (NYSE:COP) shares.

ConocoPhillips is an independent exploration and production company. The company has a market cap of $56.51 billion. The Firm explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). It currently has negative earnings. The Firm operates through six operating divisions, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International.

According to Zacks Investment Research, “ConocoPhillips is a major global exploration and production (E&P) company with operations all over the world. As year-end 2014, the company had estimated proved reserves of 8.9 billion oil-equivalent barrels (BOE). Production from continuing operations, excluding Libya, averaged 1,532 thousand barrels of oil equivalent per day (MBOED) in 2014. In May 2012, ConocoPhillips completed the spin-off of its refining/sales business into a separate, independent and publicly traded company, Phillips 66 (Ticker: PSX).”

COP Company Profile

ConocoPhillips (ConocoPhillips), incorporated on November 16, 2001, is an independent exploration and production company. The Firm explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG) and natural gas liquids on a worldwide basis. The Firm operates through six operating divisions, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International. The Company’s continuing activities are producing in the United States, Norway, the United Kingdom, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia and Qatar. The Company’s portfolio includes North American unconventional assets and oil sands assets in Canada; assets in North America, Europe, Asia and Australia; several international developments, and an inventory of global conventional and unconventional exploration prospects.

More notable recent ConocoPhillips (NYSE:COP) news were published by: Seekingalpha.com which released: “ConocoPhillips Can Drop To $40 (And Even Lower) If This Happens” on November 28, 2016, also Bloomberg.com with their article: “ConocoPhillips Was Right to Split” published on November 14, 2016, Cnbc.com published: “Donald Trump recognizes the energy renaissance, ConocoPhillips CEO says” on November 10, 2016. More interesting news about ConocoPhillips (NYSE:COP) were released by: Investorplace.com and their article: “3 Stocks to Watch on Monday: ConocoPhillips (COP), Time Inc (TIME) and Domino …” published on November 28, 2016 as well as Investorplace.com‘s news article titled: “Embrace the Breakout in ConocoPhillips (COP) Stock” with publication date: November 22, 2016.

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