State Street Corp Sells 2,760,415 Shares of ConocoPhillips $COP

by · The Cerbat Gem

State Street Corp decreased its position in ConocoPhillips (NYSE:COP – Free Report) by 3.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,160,071 shares of the energy producer’s stock after selling 2,760,415 shares during the quarter. State Street Corp owned approximately 0.05% of ConocoPhillips worth $6,026,945,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 0.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,382,724 shares of the energy producer’s stock worth $3,623,946,000 after buying an additional 287,970 shares during the period. Wellington Management Group LLP raised its position in ConocoPhillips by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after buying an additional 437,709 shares during the last quarter. Fisher Asset Management LLC lifted its stake in ConocoPhillips by 1.6% during the 2nd quarter. Fisher Asset Management LLC now owns 14,393,875 shares of the energy producer’s stock valued at $1,291,706,000 after acquiring an additional 224,201 shares during the period. Ameriprise Financial Inc. grew its stake in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock worth $861,490,000 after acquiring an additional 1,073,906 shares during the period. Finally, Primecap Management Co. CA raised its holdings in shares of ConocoPhillips by 66.0% during the second quarter. Primecap Management Co. CA now owns 7,883,455 shares of the energy producer’s stock valued at $707,461,000 after purchasing an additional 3,135,315 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley dropped their target price on shares of ConocoPhillips from $122.00 to $117.00 and set an “overweight” rating on the stock in a report on Thursday, November 20th. Royal Bank Of Canada raised their price target on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Jefferies Financial Group cut their price objective on ConocoPhillips from $129.00 to $120.00 and set a “buy” rating for the company in a report on Monday, October 13th. Evercore ISI reduced their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research report on Monday, October 6th. Finally, The Goldman Sachs Group lowered their target price on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Nineteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $114.38.

Check Out Our Latest Stock Report on ConocoPhillips

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $92.84 on Tuesday. The stock has a market cap of $114.73 billion, a P/E ratio of 13.13, a P/E/G ratio of 2.11 and a beta of 0.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. The stock’s fifty day moving average is $89.48 and its 200 day moving average is $91.88. ConocoPhillips has a one year low of $79.88 and a one year high of $106.20.

ConocoPhillips (NYSE:COP – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The business had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. During the same quarter in the prior year, the business posted $1.78 earnings per share. The business’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a dividend of $0.84 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, November 17th. ConocoPhillips’s payout ratio is presently 47.52%.

Insider Buying and Selling at ConocoPhillips

In other news, Director William H. Mcraven purchased 5,768 shares of the company’s stock in a transaction on Monday, November 10th. The stock was acquired at an average cost of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the transaction, the director directly owned 5,768 shares in the company, valued at $499,970.24. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.24% of the stock is currently owned by insiders.

ConocoPhillips Profile

(Free Report)

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.

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