Intech Investment Management LLC lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 15.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,962 shares of the energy producer's stock after selling 16,890 shares during the period. Intech Investment Management LLC's holdings in ConocoPhillips were worth $9,998,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in ConocoPhillips during the second quarter valued at $30,021,000. Alpha DNA Investment Management LLC increased its position in shares of ConocoPhillips by 83.8% during the 2nd quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer's stock valued at $1,879,000 after purchasing an additional 7,490 shares during the last quarter. Prospera Financial Services Inc lifted its stake in shares of ConocoPhillips by 23.6% in the 3rd quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer's stock worth $7,488,000 after purchasing an additional 13,595 shares during the period. TCW Group Inc. boosted its holdings in shares of ConocoPhillips by 37.8% in the second quarter. TCW Group Inc. now owns 30,026 shares of the energy producer's stock worth $3,434,000 after buying an additional 8,231 shares during the last quarter. Finally, Doheny Asset Management CA bought a new stake in ConocoPhillips during the second quarter valued at approximately $815,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently commented on COP. Scotiabank reduced their price objective on ConocoPhillips from $120.00 to $115.00 and set a "sector perform" rating for the company in a research note on Thursday, October 10th. Truist Financial dropped their price objective on ConocoPhillips from $145.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Susquehanna lifted their target price on ConocoPhillips from $144.00 to $148.00 and gave the company a "positive" rating in a research note on Friday, November 1st. Royal Bank of Canada restated an "outperform" rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Finally, Wells Fargo & Company reiterated a "sector perform" rating on shares of ConocoPhillips in a research report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.63.
View Our Latest Analysis on ConocoPhillips
ConocoPhillips Trading Down 1.5 %
Shares of COP stock opened at $111.71 on Friday. The company has a market cap of $128.57 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The stock's 50 day simple moving average is $108.74 and its two-hundred day simple moving average is $111.48. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.
ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips's quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.16 EPS. Research analysts predict that ConocoPhillips will post 7.8 earnings per share for the current year.
ConocoPhillips Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. ConocoPhillips's dividend payout ratio (DPR) is 37.10%.
About ConocoPhillips
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Free Report)
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.
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