OppenheimerFunds Inc. increased its stake in ConocoPhillips (NYSE:COP) by 18.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,029,517 shares of the energy producer’s stock after purchasing an additional 321,034 shares during the quarter. OppenheimerFunds Inc.’s holdings in ConocoPhillips were worth $157,084,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in ConocoPhillips by 54,716.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,236,749 shares of the energy producer’s stock valued at $947,125,000 after purchasing an additional 12,214,426 shares during the last quarter. Bank of Montreal Can lifted its holdings in ConocoPhillips by 101.9% during the 3rd quarter. Bank of Montreal Can now owns 5,825,885 shares of the energy producer’s stock valued at $450,923,000 after purchasing an additional 2,940,689 shares during the last quarter. LSV Asset Management lifted its holdings in ConocoPhillips by 4,028.4% during the 3rd quarter. LSV Asset Management now owns 1,552,287 shares of the energy producer’s stock valued at $120,147,000 after purchasing an additional 1,514,687 shares during the last quarter. American Century Companies Inc. lifted its holdings in ConocoPhillips by 199.3% during the 3rd quarter. American Century Companies Inc. now owns 2,007,981 shares of the energy producer’s stock valued at $155,418,000 after purchasing an additional 1,337,109 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its holdings in ConocoPhillips by 93.6% during the 3rd quarter. Panagora Asset Management Inc. now owns 2,096,341 shares of the energy producer’s stock valued at $162,257,000 after purchasing an additional 1,013,530 shares during the last quarter. 71.89% of the stock is owned by institutional investors.
COP stock opened at $66.92 on Thursday. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The firm has a market cap of $77.04 billion, a price-to-earnings ratio of 111.53, a PEG ratio of 1.57 and a beta of 1.22. ConocoPhillips has a fifty-two week low of $50.08 and a fifty-two week high of $80.24.
ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 25th. The energy producer reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.19. The firm had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.48 billion. ConocoPhillips had a return on equity of 14.62% and a net margin of 16.08%. As a group, equities analysts expect that ConocoPhillips will post 4.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Monday, October 15th were given a dividend of $0.305 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Friday, October 12th. This represents a $1.22 annualized dividend and a yield of 1.82%. ConocoPhillips’s dividend payout ratio (DPR) is presently 203.33%.
In other ConocoPhillips news, VP Glenda Mae Schwarz sold 18,882 shares of the stock in a transaction on Monday, September 10th. The stock was sold at an average price of $71.15, for a total transaction of $1,343,454.30. Following the transaction, the vice president now owns 29,064 shares in the company, valued at approximately $2,067,903.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by company insiders.
COP has been the subject of several research reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $80.00 price target on shares of ConocoPhillips in a report on Wednesday, August 15th. Morgan Stanley raised their price target on ConocoPhillips from $83.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a report on Monday, August 20th. Bank of America downgraded ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Thursday, September 6th. Finally, Royal Bank of Canada downgraded ConocoPhillips from an “outperform” rating to a “sector perform” rating and set a $90.00 price target for the company. in a report on Thursday, September 20th. They noted that the move was a valuation call. Ten research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $74.63.
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ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
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