Allstate Corp Invests $3.85 Million in ConocoPhillips (NYSE:COP)

Allstate Corp purchased a new stake in ConocoPhillips (NYSE:COP) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 38,830 shares of the energy producer’s stock, valued at approximately $3,851,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in COP. Loomis Sayles & Co. L P increased its holdings in shares of ConocoPhillips by 6.6% in the third quarter. Loomis Sayles & Co. L P now owns 1,953 shares of the energy producer’s stock valued at $206,000 after purchasing an additional 121 shares in the last quarter. Freedom Investment Management Inc. boosted its position in ConocoPhillips by 18.8% in the 3rd quarter. Freedom Investment Management Inc. now owns 9,418 shares of the energy producer’s stock valued at $992,000 after buying an additional 1,492 shares during the last quarter. Bridgewater Associates LP increased its stake in shares of ConocoPhillips by 58.9% in the 3rd quarter. Bridgewater Associates LP now owns 3,079 shares of the energy producer’s stock valued at $324,000 after buying an additional 1,141 shares during the period. CreativeOne Wealth LLC raised its position in shares of ConocoPhillips by 20.6% during the third quarter. CreativeOne Wealth LLC now owns 9,906 shares of the energy producer’s stock worth $1,043,000 after acquiring an additional 1,690 shares during the last quarter. Finally, Icon Wealth Advisors LLC lifted its stake in shares of ConocoPhillips by 1.5% during the third quarter. Icon Wealth Advisors LLC now owns 11,998 shares of the energy producer’s stock valued at $1,263,000 after acquiring an additional 183 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on COP. UBS Group lowered their price objective on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a research report on Thursday, January 30th. TD Cowen initiated coverage on shares of ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective on the stock. Piper Sandler lowered their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Truist Financial increased their price target on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average target price of $132.95.

ConocoPhillips Stock Performance

Shares of COP opened at $102.37 on Friday. The firm’s 50 day moving average price is $98.95 and its two-hundred day moving average price is $103.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. ConocoPhillips has a twelve month low of $86.81 and a twelve month high of $135.18. The firm has a market cap of $130.26 billion, a P/E ratio of 13.14, a PEG ratio of 0.79 and a beta of 1.12.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is 40.05%.

ConocoPhillips Company 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.