Capital Research & Management Co recently announced the acquisition of new stake in Conoco Phillips (NYSE:COP). The institutional investor has increased its shareholding in the Energy company by 0.96% to 26.21 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 2.21% valued currently at $3.03 billion. In addition, Geode Capital Management LLC raised its holdings by 0.21 million to 22.96 million shares.
With over 30.86 million Conoco Phillips (COP) shares trading Friday and a closing price of $114.54 on the day, the dollar volume was approximately $3.53 billion. The shares have shown a positive half year performance of 10.38% and its price on 12/15/23 lost nearly -0.36%. Currently, there are 1.22B common shares owned by the public and among those 1.19B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 30 analysts who have offered their price forecasts for COP have a consensus price objective of $138.32. The analysts have set the share’s price value over the next 12 months at a high of $164.00 and a low of $117.00. The average price target is 17.19% above its recent price level and an upside to the estimated low will see the stock gain 2.1% over that period. But an upside of 30.16% will see the stock hit the forecast high price target while median target price for the stock is $138.00.
Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 1,302,873 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 1,300,858 shares.
The top 3 mutual fund holders in Conoco Phillips are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and SPDR Series – Energy Select Secto. Vanguard Total Stock Market ETF owns 37.49 million shares of the company’s stock, all valued at over $4.33 billion. The company bought an additional 0.18 million shares recently to bring their total holdings to about 3.16% of the shares outstanding. Vanguard 500 Index Fund bought 0.14 million shares to see its total holdings expand to 28.92 million shares valued at over $3.34 billion and representing 2.44% of the shares outstanding. SPDR Series – Energy Select Secto sold -0.16 million shares to bring its total holdings to over 14.63 million shares at a value of $1.69 billion. SPDR Series – Energy Select Secto now owns shares totaling to 1.23% of the shares outstanding.
Shares of Conoco Phillips (NYSE: COP) opened at $114.35, down -$0.6 from a prior closing price of $114.95. However, the script later moved the day high at 115.74, down -0.36%. The company’s stock has a 5-day price change of 2.20% and -7.52% over the past three months. COP shares are trading -1.25% year to date (YTD), with the 12-month market performance up to 3.88% higher. It has a 12-month low price of $89.98 and touched a high of $127.35 over the same period. COP has an average intraday trading volume of 5.50 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.78%, -2.19%, and 4.27% respectively.
Institutional ownership of Conoco Phillips (NYSE: COP) shares accounts for 83.02% of the company’s 1.22B shares outstanding. Mutual fund holders own 33.59%, while other institutional holders and individual stakeholders account for 49.55% and 0.47% respectively.
It has a market capitalization of $136.01B and a beta (3y monthly) value of 1.24. The stock’s trailing 12-month PE ratio is 12.51, while the earnings-per-share (ttm) stands at $9.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.78% over the week and 1.92% over the month.
Analysts forecast that Conoco Phillips (COP) will achieve an EPS of $2.54 for the current quarter, $2.55 for the next quarter and $10.44 for 2024. The lowest estimate earnings-per-share for the quarter is $2.11 while analysts give the company a high EPS estimate of $3.51. Comparatively, EPS for the current quarter was $2.71 a year ago. Earnings per share for the fiscal year are expected to decrease by -34.19%, and 14.13% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 30 brokerage firm advisors rate Conoco Phillips (COP) as a “Strong Buy” at a consensus score of 1.50. Specifically, 21 Wall Street analysts polled rate the stock as a buy, while 6 of the 30 advise that investors “hold,” and 0 rated it as a “Sell.”
