BMO Capital Markets Raises ConocoPhillips Price Target to $130

ConocoPhillips has received a price target increase from BMO Capital Markets, moving from $115.00 to $130.00. This adjustment, detailed in a research note released on February 6, 2024, reflects the brokerage’s positive outlook on the energy company’s stock, which currently holds an “outperform” rating. The new target suggests a potential upside of approximately 9.69% from ConocoPhillips’ last closing price.

Analyst Ratings and Adjustments

ConocoPhillips’ stock has attracted attention from various analysts recently. Mizuho raised its price target from $120.00 to $121.00, maintaining an “outperform” rating. Roth MKM downgraded the stock from a “buy” to a “neutral” rating, setting a target of $112.00. Meanwhile, Argus increased its price objective from $111.00 to $128.00, sustaining a “strong-buy” rating. Additionally, UBS Group reaffirmed a “buy” rating with a target of $130.00, and Goldman Sachs updated its price target from $115.00 to $120.00 while keeping a “buy” rating.

The consensus among analysts indicates a generally positive sentiment, with one analyst assigning a “Strong Buy” rating, sixteen issuing “Buy” ratings, seven recommending “Hold,” and two advising “Sell.” According to MarketBeat.com, the average rating for ConocoPhillips is classified as “Moderate Buy,” with a consensus price target of $116.96.

Quarterly Earnings and Insider Trading

On February 5, 2024, ConocoPhillips reported its latest quarterly earnings, revealing an earnings per share (EPS) figure of $1.02. This performance fell short of analysts’ expectations, which averaged $1.23, resulting in a miss of $0.21. The company’s revenue for the quarter stood at $13.86 billion, lower than the anticipated $14.35 billion, marking a 3.7% decline compared to the same quarter last year.

In related news, CEO Ryan Michael Lance sold 500,708 shares of the company’s stock on December 19, 2023, at an average price of $92.50. This transaction amounted to approximately $46.3 million and represented a 60.57% reduction in his holdings. Following this sale, Lance retains 325,972 shares valued at around $30.15 million.

Institutional Investment Trends

Recent activity among institutional investors indicates a dynamic investment landscape for ConocoPhillips. Versor Investments LP acquired a new stake worth around $296,000 during the second quarter. Marion Wealth Management increased its holdings by 3.8%, owning 16,441 shares valued at $1.475 million after adding 596 shares. Prosperity Consulting Group LLC also expanded its position by 12.4%, bringing its total to 6,145 shares worth $551,000.

NewSquare Capital LLC grew its stake by 27.5%, now holding 801 shares valued at $72,000, while Cassaday & Co Wealth Management increased its position by 5.3%, owning 5,361 shares worth $481,000. Collectively, institutional investors own 82.36% of ConocoPhillips’ stock.

ConocoPhillips, based in Houston, is an international energy company specializing in the exploration and production of oil and natural gas. The company was formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company and operates independently across various global assets, including both onshore and offshore operations.