Analysts Are Downgrading These 5 Energy Stocks

1. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 56    

ConocoPhillips (NYSE:COP) is a Texas-based oil and gas firm. On March 24, news agency Reuters reported that the firm was planning to sell gas producing assets in the Anadarko Basin of north Texas and west Oklahoma. The sale would be made in around $300 million and the energy firm has begun paperwork to sell these to one bidder or several bidders together. The shares of the energy giant have more than doubled in the past twelve months as energy prices soared due to post-pandemic demand and a disruption in supplies from Russia.  

On March 8, Bank of America analyst Doug Leggate downgraded ConocoPhillips (NYSE:COP) stock to Neutral from Buy but raised the price target to $135 from $110, noting revisions in 2022 and 2023 EPS estimates up by about 28% and 24%. 

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in ConocoPhillips (NYSE:COP) with 6 million shares worth more than $447 million. 

In its Q1 2021 investor letter, ClearBridge Investments highlighted a few stocks and ConocoPhillips (NYSE:COP) was one of them. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names (including) ConocoPhillips (NYSE:COP). We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”

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