Positive Report for Conocophillips from Goldman Sachs

By Ryan Adsit

Conocophillips (NYSE: COP) received a Buy rating and a $54 price target from Goldman Sachs analyst Neil Mehta today. The company’s shares closed last Friday at $45.75.

According to TipRanks.com, Mehta is a 4-star analyst with an average return of 5.2% and a 59.0% success rate. Mehta covers the Basic Materials sector, focusing on stocks such as Calumet Specialty Products, Cloud Peak Energy Inc, and Peabody Energy Corp.

Conocophillips has an analyst consensus of Moderate Buy, with a price target consensus of $52.33.

The company has a one year high of $54.75 and a one year low of $31.05. Currently, Conocophillips has an average volume of 8.23M.

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of COP in relation to earlier this year. Most recently, in August 2016, Ellen Desanctis, the Vice President of COP bought 5,000 shares for a total of $202,500.

ConocoPhillips is an exploration company. The company explores, produces, transports and markets crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through six segments: Alaska, Lower 48, Canada, Europe and North Africa, Asia Pacific and Middle East, and Other International. The Alaska’s segment is the largest producer and one of the largest owners of state and federal exploration leases. The Lower 48 segment has high-quality positions in the North American unconventionals. The company’s Canadian operations are comprised primarily of natural gas fields in western Canada and oil sands projects in northeastern Alberta. ConocoPhillips has operated in Europe for more than 40 years, with significant developments in the U.K. an Norwegian sectors of the North Sea. The company’s Asia Pacific and Middle East operations consist of producing fields in China, Indonesia, Malaysia, Qatar, Australia and Timor-Leste. The Other International segment covers a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities. ConocoPhillips was founded on August 30, 2002 and is headquartered in Houston, TX.