Convergence Investment Partners LLC Has $211,000 Stock Position in ConocoPhillips $COP

Convergence Investment Partners LLC trimmed its holdings in ConocoPhillips (NYSE:COP) by 83.8% in the second quarter, Holdings Channel reports. The fund owned 2,349 shares of the energy producer’s stock after selling 12,194 shares during the period. Convergence Investment Partners LLC’s holdings in ConocoPhillips were worth $211,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Convergence Financial LLC bought a new position in shares of ConocoPhillips during the first quarter worth about $253,000. Citizens National Bank Trust Department boosted its position in ConocoPhillips by 6.1% during the 1st quarter. Citizens National Bank Trust Department now owns 2,176 shares of the energy producer’s stock worth $229,000 after acquiring an additional 126 shares during the last quarter. Amalgamated Bank boosted its position in ConocoPhillips by 0.4% during the 1st quarter. Amalgamated Bank now owns 248,629 shares of the energy producer’s stock worth $26,111,000 after acquiring an additional 924 shares during the last quarter. IRON Financial LLC bought a new position in shares of ConocoPhillips during the 1st quarter worth approximately $569,000. Finally, Northwest Wealth Management LLC raised its holdings in shares of ConocoPhillips by 36.2% in the first quarter. Northwest Wealth Management LLC now owns 2,809 shares of the energy producer’s stock valued at $295,000 after purchasing an additional 747 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the topic of several analyst reports. Piper Sandler cut their price target on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, October 13th. Wells Fargo & Company started coverage on ConocoPhillips in a report on Friday, October 17th. They set an “equal weight” rating and a $100.00 target price on the stock. Scotiabank increased their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, July 11th. The Goldman Sachs Group lowered their price target on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Finally, JPMorgan Chase & Co. increased their price objective on ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Eighteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $115.63.

ConocoPhillips Price Performance

Shares of COP opened at $88.71 on Tuesday. The company’s 50-day moving average is $93.22 and its 200-day moving average is $91.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a market capitalization of $110.79 billion, a PE ratio of 11.91, a PEG ratio of 2.35 and a beta of 0.62. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.98 EPS. Equities analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.5%. ConocoPhillips’s dividend payout ratio is presently 41.88%.

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.