Public Employees Retirement Association of Colorado lessened its position in ConocoPhillips (NYSE:COP – Get Rating) by 3.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 212,965 shares of the energy producer’s stock after selling 8,054 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in ConocoPhillips were worth $19,126,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Centiva Capital LP grew its holdings in shares of ConocoPhillips by 1,202.1% during the second quarter. Centiva Capital LP now owns 81,788 shares of the energy producer’s stock worth $7,345,000 after buying an additional 75,507 shares in the last quarter. Creative Planning lifted its stake in ConocoPhillips by 16.6% in the 2nd quarter. Creative Planning now owns 154,894 shares of the energy producer’s stock worth $13,911,000 after purchasing an additional 22,074 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of ConocoPhillips by 69.2% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 425,223 shares of the energy producer’s stock worth $38,189,000 after purchasing an additional 173,846 shares during the last quarter. AQR Capital Management LLC grew its position in shares of ConocoPhillips by 3.8% in the second quarter. AQR Capital Management LLC now owns 2,216,554 shares of the energy producer’s stock valued at $199,069,000 after purchasing an additional 80,878 shares in the last quarter. Finally, Mutual Advisors LLC increased its holdings in shares of ConocoPhillips by 9.9% in the second quarter. Mutual Advisors LLC now owns 24,028 shares of the energy producer’s stock valued at $2,158,000 after purchasing an additional 2,156 shares during the last quarter. 79.66% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on COP shares. Raymond James boosted their price objective on ConocoPhillips from $135.00 to $150.00 and gave the stock a “strong-buy” rating in a research note on Monday, October 24th. Barclays raised their price objective on shares of ConocoPhillips from $135.00 to $151.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley boosted their target price on shares of ConocoPhillips from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, October 19th. Argus raised their price target on shares of ConocoPhillips from $125.00 to $150.00 in a report on Monday, November 21st. Finally, Piper Sandler upped their price objective on ConocoPhillips from $133.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, November 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $134.52.
ConocoPhillips Trading Down 2.0 %
ConocoPhillips (NYSE:COP – Get Rating) last released its quarterly earnings data on Thursday, November 3rd. The energy producer reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.19. ConocoPhillips had a net margin of 22.90% and a return on equity of 35.02%. The business had revenue of $21.61 billion during the quarter, compared to analysts’ expectations of $17.05 billion. Sell-side analysts anticipate that ConocoPhillips will post 14.07 earnings per share for the current fiscal year.
ConocoPhillips Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Tuesday, December 27th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, December 23rd. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.46. ConocoPhillips’s payout ratio is currently 14.70%.
In other ConocoPhillips news, EVP Nicholas G. Olds sold 10,950 shares of the company’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $116.52, for a total value of $1,275,894.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.08% of the company’s stock.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's 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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