Sunbelt Securities Inc. Trims Holdings in ConocoPhillips (NYSE:COP)

Sunbelt Securities Inc. cut its holdings in ConocoPhillips (NYSE:COP - Free Report) by 36.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,436 shares of the energy producer's stock after selling 9,809 shares during the period. Sunbelt Securities Inc.'s holdings in ConocoPhillips were worth $1,836,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp increased its holdings in ConocoPhillips by 19.0% during the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer's stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares during the period. Wellington Management Group LLP increased its holdings in shares of ConocoPhillips by 20.2% in the third quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer's stock worth $3,280,725,000 after purchasing an additional 5,240,016 shares during the period. Geode Capital Management LLC raised its position in shares of ConocoPhillips by 3.9% in the third quarter. Geode Capital Management LLC now owns 24,733,928 shares of the energy producer's stock worth $2,601,639,000 after buying an additional 924,289 shares in the last quarter. Fisher Asset Management LLC boosted its stake in ConocoPhillips by 59.7% during the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer's stock valued at $1,311,369,000 after buying an additional 4,656,040 shares during the period. Finally, Legal & General Group Plc grew its position in ConocoPhillips by 4.6% during the second quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer's stock worth $1,132,430,000 after buying an additional 438,241 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Susquehanna lifted their price target on ConocoPhillips from $144.00 to $148.00 and gave the company a "positive" rating in a research report on Friday, November 1st. Barclays boosted their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. Truist Financial lowered their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a "buy" rating on the stock in a research report on Monday, September 30th. BMO Capital Markets upped their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an "outperform" rating in a research report on Friday, October 4th. Finally, Scotiabank lowered their price target on ConocoPhillips from $120.00 to $115.00 and set a "sector perform" rating on the stock in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and a consensus target price of $139.18.

ConocoPhillips Trading Down 0.2 %

NYSE:COP traded down $0.17 during mid-day trading on Wednesday, reaching $102.19. 7,960,771 shares of the company's stock traded hands, compared to its average volume of 6,000,839. The company has a 50 day moving average price of $108.43 and a 200-day moving average price of $109.97. The firm has a market capitalization of $117.61 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.85 and a beta of 1.18. 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 has a 12-month low of $101.29 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. The company had revenue of $13.60 billion during 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%. The firm's revenue was down 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.16 earnings per share. On average, sell-side analysts predict that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, November 8th. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 3.05%. ConocoPhillips's dividend payout ratio (DPR) is 37.10%.

About ConocoPhillips

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.