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What’s Analysts’ Current Read on ConocoPhillips?

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Dec. 4 2020, Updated 10:53 a.m. ET

Recommendations

On July 10, 2017, ~71% of the 24 analysts covering ConocoPhillips (COP) had “strong buy” or “buy” ratings on its stock. Six analysts had “strong buys,” while 11 analysts had “buys,” and seven analysts had “hold” ratings on the stock. There were no “strong sell” or “sell” ratings on COP.

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Target price

The above-mentioned recommendations have a median target price of $58.00, ~34% higher than the stock’s July 10, 2017, closing price of $43.24.

The mean target price for COP stock from these recommendations is $56.74, ~2% lower than its median target price.

Recommendation changes

In last month, analysts’ “strong buy” ratings for COP have fallen from seven to six, and analysts’ “hold” ratings have risen from six to seven. Analysts’ “buy,” “sell,” and “strong sell” ratings on the stock have remained unchanged.

In last month, ConocoPhillips’s median and mean target prices have fallen. COP’s median target price has fallen from $60.00 to $58.00, and its mean target price has fallen from $59.74 to $56.74.

In COP’s most recent target price change on July 11, 2017, Barclays reduced its target price by a whopping 18%, from $62 to $51. Barclays also cut its target price for Cenovus (CVE) (CVE.TO) from 22 Canadian dollars to 15 Canadian dollars. 

In March 2017, CVE purchased COP’s oil sands mining operations located at Foster Creek Christina Lake in Alberta, Canada, and its natural gas assets in the Deep Basin in western Canada for a total value of ~$13.3 billion.

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Other oil and gas producers

Based on the mean price targets of analysts’ recommendations, oil and gas companies PE Energy (PE), Marathon Oil (MRO), and Devon Energy (DVN) have potential upsides of ~51%, ~55%, and ~56%, respectively, compared to their July 10 closing prices. 

Continental Resources (CLR) has a potential upside of ~65%. Devon Energy and Marathon Oil both have operations in the STACK (Sooner Trend Anadarko Canadian Kingfisher) play in Oklahoma.

The Direxion Daily S&P Oil & Gas Exploration & Production Bear 3x Shares Shares ETF (DRIP) is a leveraged inverse ETF that invests in oil and gas exploration and production companies. The Energy Select Sector SPDR ETF (XLE) generally invests at least 95% of its total assets in oil and gas companies.

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