Morgan Stanley Sticks to Their Buy Rating for Conocophillips (COP)

Morgan Stanley analyst Devin McDermott maintained a Buy rating on Conocophillips (COPResearch Report) today and set a price target of $118.00. The company’s shares closed last Friday at $112.12.

According to TipRanks, McDermott is a 5-star analyst with an average return of 13.1% and a 58.72% success rate. McDermott covers the Utilities sector, focusing on stocks such as Chevron, Conocophillips, and Diamondback.

Conocophillips has an analyst consensus of Strong Buy, with a price target consensus of $127.58, a 13.79% upside from current levels. In a report released on August 26, MKM Partners also maintained a Buy rating on the stock with a $118.00 price target.

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Based on Conocophillips’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $21.16 billion and a net profit of $5.15 billion. In comparison, last year the company earned a revenue of $9.56 billion and had a net profit of $2.09 billion

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of COP in relation to earlier this year. Most recently, in June 2022, Ryan Michael Lance, the Chairman & CEO of COP sold 584,900.00 shares for a total of $70,895,729.00.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ConocoPhillips is a global oil and gas company. It engages in exploration, production, transportation and marketing of crude oil and natural gas. Its portfolio includes conventional assets in North America, Australia, Europe and Asia, as well as oil sand assets in Canada.

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