HITE Hedge Asset Management LLC Has $27.97 Million Stock Position in ConocoPhillips (NYSE:COP)

HITE Hedge Asset Management LLC decreased its position in shares of ConocoPhillips (NYSE:COP) by 23.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 265,693 shares of the energy producer’s stock after selling 82,606 shares during the quarter. ConocoPhillips makes up approximately 3.2% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 7th largest position. HITE Hedge Asset Management LLC’s holdings in ConocoPhillips were worth $27,972,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Values First Advisors Inc. bought a new position in ConocoPhillips in the 3rd quarter valued at $26,000. Stephens Consulting LLC raised its stake in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares during the last quarter. Reston Wealth Management LLC bought a new stake in ConocoPhillips during the third quarter valued at about $31,000. Truvestments Capital LLC bought a new position in ConocoPhillips during the third quarter valued at approximately $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays lifted their price objective on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Mizuho lifted their target price on shares of ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Susquehanna upped their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Scotiabank dropped their target price 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. Finally, UBS Group lowered their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips Trading Down 2.0 %

COP stock opened at $106.14 on Tuesday. The stock has a market cap of $122.16 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 0.89 and a beta of 1.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The business’s 50-day moving average is $108.77 and its 200 day moving average is $110.72.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. The firm had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.16 EPS. On average, sell-side analysts anticipate that ConocoPhillips will post 7.76 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were paid a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.94%. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

ConocoPhillips Profile

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.