Commonwealth Equity Services LLC reduced its position in ConocoPhillips (NYSE:COP) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 428,507 shares of the energy producer’s stock after selling 15,419 shares during the period. Commonwealth Equity Services LLC’s holdings in ConocoPhillips were worth $28,598,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of COP. Vanguard Group Inc boosted its holdings in ConocoPhillips by 0.5% in the third quarter. Vanguard Group Inc now owns 88,571,791 shares of the energy producer’s stock worth $6,855,456,000 after acquiring an additional 451,104 shares in the last quarter. BlackRock Inc. lifted its position in ConocoPhillips by 1.0% in the fourth quarter. BlackRock Inc. now owns 80,608,101 shares of the energy producer’s stock valued at $5,025,913,000 after purchasing an additional 809,773 shares during the period. Northern Trust Corp lifted its position in ConocoPhillips by 5.8% in the fourth quarter. Northern Trust Corp now owns 15,650,146 shares of the energy producer’s stock valued at $975,786,000 after purchasing an additional 861,057 shares during the period. Geode Capital Management LLC lifted its position in ConocoPhillips by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 15,108,105 shares of the energy producer’s stock valued at $940,354,000 after purchasing an additional 659,942 shares during the period. Finally, Norges Bank purchased a new position in ConocoPhillips in the fourth quarter valued at about $738,471,000. Institutional investors own 72.09% of the company’s stock.
A number of equities analysts have weighed in on the stock. ValuEngine upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Thursday. Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Wednesday, March 13th. Morgan Stanley boosted their target price on shares of ConocoPhillips from $77.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Piper Jaffray Companies raised shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $75.00 in a research report on Thursday, March 21st. Finally, Credit Suisse Group downgraded shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 target price for the company. in a research report on Wednesday, May 1st. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $79.21.
ConocoPhillips (NYSE:COP) last issued its earnings results on Tuesday, April 30th. The energy producer reported $1.00 EPS for the quarter, topping the consensus estimate of $0.92 by $0.08. The business had revenue of $10.06 billion during the quarter, compared to the consensus estimate of $9.16 billion. ConocoPhillips had a return on equity of 16.65% and a net margin of 18.08%. During the same quarter last year, the company earned $0.96 EPS. On average, equities analysts expect that ConocoPhillips will post 4.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were issued a dividend of $0.305 per share. This represents a $1.22 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, May 10th. ConocoPhillips’s payout ratio is currently 26.93%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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