The Vanguard Group, Inc. recently announced the acquisition of new stake in ConocoPhillips (NYSE:COP). The institutional investor has increased its shareholding in the Energy company by 0.40% to 108.01 million shares with purchase of 0.43 million shares. This fresh investment now brings its stake to 8.49% valued currently at $13.62 billion. In addition, Wellington Management Co. LLP raised its holdings by 7.14 million to 42.97 million shares. And Capital Research & Management Co has lifted its position by 26.58% or 6.91 million shares – to 32.92 million shares.
With over 6.57 million ConocoPhillips (COP) shares trading Monday and a closing price of $125.49 on the day, the dollar volume was approximately $824.6 million. The shares have shown a positive half year performance of 17.67% and its price on 11/21/22 lost nearly -2.41%. Currently, there are 1.27B common shares owned by the public and among those 1.22B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for COP have a consensus price objective of $138.69. The analysts have set the share’s price value over the next 12 months at a high of $167.00 and a low of $87.00. The average price target is 7.5% above its recent price level and a downside to the estimated low will see the stock lose -44.24% over that period. But an upside of 24.86% will see the stock hit the forecast high price target while median target price for the stock is $140.50.
Insiders at the company have transacted a total of 89 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 1,525,532 shares. Insider sales of the common stock occurred on 53 occasions, with total insider shares sold totaling 1,695,579 shares.
The top 3 mutual fund holders in ConocoPhillips are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR Series – Energy Select Secto. Vanguard Total Stock Market Index owns 38.21 million shares of the company’s stock, all valued at over $4.82 billion. The company bought an additional 0.19 million shares recently to bring their total holdings to about 3.00% of the shares outstanding. Vanguard 500 Index Fund bought 0.28 million shares to see its total holdings expand to 29.13 million shares valued at over $3.67 billion and representing 2.29% of the shares outstanding. SPDR Series – Energy Select Secto bought 1573.0 shares to bring its total holdings to over 14.97 million shares at a value of $1.89 billion. SPDR Series – Energy Select Secto now owns shares totaling to 1.18% of the shares outstanding.
Shares of ConocoPhillips (NYSE: COP) opened at $125.04, down -$3.55 from a prior closing price of $128.59. However, the script later moved the day high at 127.11, down -2.41%. The company’s stock has a 5-day price change of -5.67% and 17.38% over the past three months. COP shares are trading 78.26% year to date (YTD), with the 12-month market performance up to 85.35% higher. It has a 12-month low price of $64.25 and touched a high of $138.49 over the same period. COP has an average intraday trading volume of 7.42 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 -3.10%, 5.12%, and 21.99% respectively.
Institutional ownership of ConocoPhillips (NYSE: COP) shares accounts for 83.50% of the company’s 1.27B shares outstanding. Mutual fund holders own 30.42%, while other institutional holders and individual stakeholders account for 50.67% and 0.42% respectively.
It has a market capitalization of $159.53B and a beta (3y monthly) value of 1.34. The stock’s trailing 12-month PE ratio is 9.01, while the earnings-per-share (ttm) stands at $13.93. The company has a PEG of 0.33 and a Quick Ratio of 1.40 with the debt-to-equity ratio at 0.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.11% over the week and 3.38% over the month.
Analysts forecast that ConocoPhillips (COP) will achieve an EPS of $3.44 for the current quarter, $3.5 for the next quarter and $13.32 for 2023. The lowest estimate earnings-per-share for the quarter is $3.22 while analysts give the company a high EPS estimate of $4.06. Comparatively, EPS for the current quarter was $1.77 a year ago. Earnings per share for the fiscal year are expected to increase by 342.80%, and -7.12% over the next financial year. EPS should shrink at an annualized rate of 27.00% over the next five years, compared to 32.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate ConocoPhillips (COP) as a “Strong Buy” at a consensus score of 1.90. Specifically, 22 Wall Street analysts polled rate the stock as a buy, while 3 of the 28 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the COP, a number of firms have released research notes about the stock. Societe Generale stated their Sell rating for the stock in a research note on November 21, 2022, with the firm’s price target at $114. Jefferies coverage for the ConocoPhillips (COP) stock in a research note released on October 19, 2022 offered a Buy rating with a price target of $143. BofA Securities was of a view on September 19, 2022 that the stock is Buy, while MKM Partners gave the stock Buy rating on July 20, 2022, issuing a price target of $110. BofA Securities on their part issued Buy rating on July 19, 2022.