Allspring Global Investments Holdings LLC Has $77.79 Million Holdings in ConocoPhillips $COP

Allspring Global Investments Holdings LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 14.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 845,654 shares of the energy producer’s stock after purchasing an additional 107,114 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ConocoPhillips were worth $77,792,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of COP. Financial Network Wealth Advisors LLC grew its stake in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new position in ConocoPhillips during the first quarter worth about $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips during the first quarter worth about $35,000. IMA Advisory Services Inc. purchased a new position in ConocoPhillips during the first quarter worth about $37,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its position in ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer’s stock worth $38,000 after purchasing an additional 293 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of COP stock opened at $88.77 on Tuesday. The firm’s 50 day moving average is $94.52 and its 200 day moving average is $92.35. The stock has a market capitalization of $110.87 billion, a P/E ratio of 11.92, a PEG ratio of 2.33 and a beta of 0.62. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. On average, sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have commented on COP shares. Susquehanna dropped their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a “positive” rating on the stock in a research report on Wednesday, July 23rd. Barclays dropped their price target on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Royal Bank Of Canada boosted their price objective on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ConocoPhillips in a research report on Wednesday, October 8th. Finally, Capital One Financial boosted their price target on shares of ConocoPhillips from $111.00 to $112.00 in a report on Friday, October 3rd. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $117.65.

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.