ConocoPhillips [NYSE: COP] traded at a low on 04/10/23, posting a -0.29 loss after which it closed the day’ session at $105.95. The company report on March 27, 2023 that ConocoPhillips Announces Plans to Become Upstream Operator and Agreement to Purchase Additional Shareholding Interest in APLNG.
ConocoPhillips (NYSE: COP) today announced through its Australian subsidiary that it plans to become upstream operator of Australia Pacific LNG (APLNG) following the closing of EIG’s transaction with Origin Energy. In connection with this announcement, ConocoPhillips has agreed to purchase up to an additional 2.49% shareholding interest in APLNG for $0.5 billion, subject to customary adjustments. ConocoPhillips currently holds a 47.5% APLNG shareholding interest and will own up to 49.99% of APLNG upon closing. Both the assumption of upstream operatorship and the shareholding acquisition are dependent on EIG closing its transaction with Origin. EIG’s transaction with Origin and ConocoPhillips’ shareholding acquisition are subject to Australian regulatory approvals and other customary closing conditions.
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“We are pleased to have the opportunity to become upstream operator and increase our ownership in APLNG. Origin pioneered the development of coal seam gas into LNG and has contributed to APLNG’s status as a safe and dependable LNG supplier. We look forward to leveraging our global upstream expertise to further enhance APLNG as a world-class integrated LNG operation,” said Andy O’Brien, senior vice president, Global Operations. “APLNG is currently the largest supplier of natural gas to Australia’s East Coast domestic market, meeting between 20-30% of its total demand. It will continue supplying customers in China and Japan with reliable energy that is lower in GHG intensity than other fossil fuel alternatives, and thus help meet energy transition pathway demand for years to come.”.
The results of the trading session contributed to over 4374144 shares changing hands. Over the past one week, the price volatility of ConocoPhillips stands at 2.66% while the volatility over the past one month is 3.09%.
The market cap for COP stock reached $130.20 billion, with 1.24 billion shares outstanding and 1.21 billion shares in the current float. Compared to the average trading volume of 6.90M shares, COP reached a trading volume of 4374144 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about ConocoPhillips [COP]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for COP shares is $131.12 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on COP stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Societe Generale have made an estimate for ConocoPhillips shares, keeping their opinion on the stock as Hold, with their previous recommendation back on April 05, 2023. The new note on the price target was released on February 03, 2023, representing the official price target for ConocoPhillips stock. Previously, the target price had yet another drop from $145 to $140, while Scotiabank kept a Sector Perform rating on COP stock.
The Average True Range (ATR) for ConocoPhillips is set at 3.38, with the Price to Sales ratio for COP stock in the period of the last 12 months amounting to 1.66. The Price to Book ratio for the last quarter was 2.73, with the Price to Cash per share for the same quarter was set at 7.52. Price to Free Cash Flow for COP in the course of the last twelve months was 10.48 with Quick ratio for the last quarter at 1.40.
How has COP stock performed recently?
ConocoPhillips [COP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.79. With this latest performance, COP shares gained by 0.75% in over the last four-week period, additionally sinking by -8.82% over the last 6 months – not to mention a rise of 12.42% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for COP stock in for the last two-week period is set at 55.89, with the RSI for the last a single of trading hit 59.99, and the three-weeks RSI is set at 51.92 for ConocoPhillips [COP]. The present Moving Average for the last 50 days of trading for this stock 105.96, while it was recorded at 106.94 for the last single week of trading, and 109.54 for the last 200 days.
ConocoPhillips [COP]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and ConocoPhillips [COP] shares currently have an operating margin of +32.63 and a Gross Margin at +37.70. ConocoPhillips’s Net Margin is presently recorded at +23.69.
Return on Total Capital for COP is now 39.09, given the latest momentum, and Return on Invested Capital for the company is 28.82. Return on Equity for this stock inclined to 39.87, with Return on Assets sitting at 20.19. When it comes to the capital structure of this company, ConocoPhillips [COP] has a Total Debt to Total Equity ratio set at 35.81. Additionally, COP Total Debt to Total Capital is recorded at 26.37, with Total Debt to Total Assets ending up at 18.32. Long-Term Debt to Equity for the company is recorded at 34.61, with the Long-Term Debt to Total Capital now at 25.49.
Reflecting on the efficiency of the workforce at the company, ConocoPhillips [COP] managed to generate an average of $1,960,000 per employee. Receivables Turnover for the company is 11.42 with a Total Asset Turnover recorded at a value of 0.85.ConocoPhillips’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.50.
Earnings analysis for ConocoPhillips [COP]
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for COP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for ConocoPhillips go to -10.12%.
Insider trade positions for ConocoPhillips [COP]
There are presently around $105,563 million, or 83.40% of COP stock, in the hands of institutional investors. The top three institutional holders of COP stocks are: VANGUARD GROUP INC with ownership of 112,455,185, which is approximately -0.633% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 97,045,202 shares of the stock with an approximate value of $10.31 billion in COP stocks shares; and STATE STREET CORP, currently with $6.4 billion in COP stock with ownership of nearly -0.903% of the company’s market capitalization.
Positions in ConocoPhillips stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 971 institutional holders increased their position in ConocoPhillips [NYSE:COP] by around 39,437,305 shares. Additionally, 966 investors decreased positions by around 65,607,159 shares, while 305 investors held positions by with 888,394,851 shares. The mentioned changes placed institutional holdings at 993,439,315 shares, according to the latest SEC report filing. COP stock had 259 new institutional investments in for a total of 9,268,662 shares, while 85 institutional investors sold positions of 3,814,913 shares during the same period.