KeyBanc maintained its ConocoPhillips [COP] rating to the equivalent of Overweight but changed the price target to $45 from $40, in a research note dated 2021-01-07. That figure represents around a 3.38% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with BofA Securities’s analysts upgrading the shares from “a Neutral” rating to “a Buy” rating in a research note to investors issued in early November. Meanwhile, BofA Securities had raised its rating on COP to “Buy” from the earlier “Neutral”, in a research note produced for clients November 02, 2020. In addition, KeyBanc Capital Markets launched coverage on September 25, 2020. The research firm rated COP “an Overweight”.
Is ConocoPhillips [NYSE:COP] a Good Buy Right Now?
It should be noted that COP technical indicators for short, intermediate as well as long term progress have placed an overall average of 72% as Buy. The average signal changed from 40% Buy in the last week and compares with 40% Buy in the past month. Data from ConocoPhillips’s Trend Spotter indicated that the signals were Strongest. The stock current average is 10.3 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 12.67 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 50% Buy and the 100-day average volume stands at 10.49 million shares.
COP Price Performance
On Wall Street, ConocoPhillips [NYSE:COP] finished Wednesday’s session up 3.99% at $43.51. The stock went up to $43.945 at the same session while its lowest single day price was $41.92. In the last five days, it saw a rise of about 11.36%, ConocoPhillips shares gained by almost 8.80% since the beginning of the year. However, the share price has dropped to as low as -35.00% below its one year high. On 01/06/21, the company shares recorded $43.94, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $39.18. The company’s shares have declined by -34.55% in the past year. The 50-day SMA achieved is $38.22 while the 200-day SMA is $38.20. Volume dropped to 11.04 million from 12.39 million in the previous session.
COP Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 42.30 level, and in case of violation of this particular level, it will cause more drop to 41.10 level. On the upper level, 45.15 is still the key resistance. The stock may increase to the subsequent resistance at 44.33. The Relative Strength Index (RSI) pinned on the 14-day chart is 62.65, implying a neutral technical stance while the MACD stands at 1.11, meaning price will increase in the next trading period. Percent R indicator moved to 8.41%, implying bullish price movement. Stochastic %K at 59.70% suggest selling the stock.
What is the short interest in ConocoPhillips?
Short interest in the ConocoPhillips stock has plunged, decreasing by -7.02 million shares to total 41.59 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 34.57 million, data from Yahoo Finance shows. The increase of 16.88% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 3.90% of the overall float for the stock.
ConocoPhillips’s Biggest Shareholders: Who Owns ConocoPhillips [COP]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 82,924,617 shares or roughly 7.77% of the outstanding COP shares. This means their shares have reduced by -1,224,925 from the 82,924,617 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, SSgA Funds Management, Inc. updated stake is worth $2,174,766,811. Details in the latest 13F filings reveal that BlackRock Fund Advisors acquired their 0.16% stake valued at $1,979,436,582 while Capital Research & Management Co added theirs at $1,379,622,640. During the last quarter, BlackRock Fund Advisors raised 78,608 of its shares in ConocoPhillips while Capital Research & Management Co bought 7,900,356 shares. The JPMorgan Investment Management, I’s holdings currently number 23,242,877 shares at $1011297578.27. According to the firm’s last 13F report, Wellington Management Co. LLP shares in the company at filing stood at 22,569,915 shares, roughly $892,865,837.
COP Earnings Forecast For The Current Quarter
ConocoPhillips [COP] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $4.94B and an earnings per share of -$0.19 for Dec 2020. Looking further ahead, the company is expected to report revenue of $5.69B at an EPS of $0.09 for Mar 2021. The estimates represent downside of 35.20% and 195.80% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
COP Earnings Estimates For The Current Year
For the financial year, ConocoPhillips [NYSE:COP] is expected to bring in revenue of $18.55B. The returns are nearly $-18.12 billion lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -0.92, lower than that of FY19 by -$4.51. Estimates put this year’s earnings growth at -125.60%, 197.80% for the next, and at an annual -11.89% over the next 5-year period. As for sales, forecasts are for a decrease of -49.40% in the current fiscal year and a further 35.20% over the following year.