With oil prices falling today after leveling off a bit last week, energy stocks are taking quite the hit today as well. Stocks like ConocoPhillips (NYSE:COP) are trading down, as investors aren’t exactly sure what to make of the situation we are seeing with Crude and Brent Oil. There is talk of oversupply, which ultimately will hurt the bottom lines of energy companies like ConocoPhillips, producers of oil, natural gas and petroleum.
While there is regulation on the price and supply of oil, over the past several weeks we’ve seen Crude and Brent prices fall significantly. While some stocks are trading down big today, ConocoPhillips (NYSE:COP) hasn’t seen quite the hit that other companies have taken.
The stock is down 2.82% or $1.37, hitting $47.22 per share. Approximately 7.02M shares traded hands. COP shares have declined 25.37% since May 22, 2015 and are currently downtrending. It has underperformed the S&P500 by 23.11%.
From a total of 9 analysts covering ConocoPhillips (NYSE:COP) stock, 5 rate it a “Buy”, 1 a “Sell”, and 3 a “Hold”. This means that 56% of the ratings are positive. The highest target price is $77 while the lowest target price is $45. The mean of all analyst targets is $57.74 which is 22.28% above today’s ($47.22) stock price. ConocoPhillips was the topic of 17 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. JP Morgan maintained shares on December 15 with a “Underweight” rating. Vetr downgraded shares to a”Strong-Buy” rating and a $51.66 target share price in their report from an August 31. Argus Research maintained COP stock in a recent report from December 9 with a “Buy” rating. Bernstein initiated the rating on August 7. Bernstein has a “Outperform” rating and a $59 price target on shares. Finally, Barclays Capital maintained the stock with a “Overweight” rating in a report they issued on an October 12.
The institutional sentiment decreased to 0.76 in Q2 2015. It’s down 0.15, from 0.91 in 2015Q2. The ratio dropped, as 125 funds sold all their ConocoPhillips shares they owned while 603 reduced their positions. 78 funds bought stakes while 472 increased their total positions. Institutions now own 795.13 million shares which is 1.64% more than the previous share count of 782.28 million in 2015Q2.
Astenbeck Capital Management Llc holds 9.07% of its total portfolio in ConocoPhillips, equating to 218,936 shares. Csu Producer Resources Inc. owns 15,000 shares representing 6.29% of their total US portfolio. Moreover, Foundation Resource Management Inc has 6.11% of their total portfolio invested in the company, equating to 592,744 shares. The Tennessee-based Pope Asset Management Llc has a total of 5.07% of their portfolio invested in the stock. Lau Associates Llc, a Delaware-based fund reported 74,610 shares owned.
ConocoPhillips is an independent exploration and production company. The company has a market cap of $59.89 billion. The Firm explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. It currently has negative earnings. The Firm operates through six operating divisions, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International.