Busey Wealth Management lessened its stake in shares of ConocoPhillips (NYSE:COP) by 21.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,667 shares of the energy producer’s stock after selling 1,000 shares during the period. Busey Wealth Management’s holdings in ConocoPhillips were worth $245,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of COP. Bank of New York Mellon Corp increased its stake 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 worth $947,125,000 after acquiring an additional 12,214,426 shares during the period. Norges Bank bought a new position in ConocoPhillips during the 4th quarter worth $738,471,000. Oregon Public Employees Retirement Fund increased its stake in ConocoPhillips by 6,059.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,910,095 shares of the energy producer’s stock worth $127,000 after acquiring an additional 7,781,667 shares during the period. Dimensional Fund Advisors LP increased its stake in ConocoPhillips by 28.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,387,748 shares of the energy producer’s stock worth $710,012,000 after acquiring an additional 2,532,290 shares during the period. Finally, Morgan Stanley increased its stake in ConocoPhillips by 30.0% during the 3rd quarter. Morgan Stanley now owns 6,275,872 shares of the energy producer’s stock worth $485,752,000 after acquiring an additional 1,449,736 shares during the period. Hedge funds and other institutional investors own 73.59% of the company’s stock.
Shares of COP opened at $65.90 on Friday. ConocoPhillips has a 52-week low of $56.75 and a 52-week high of $80.24. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.66 and a current ratio of 1.79. The firm has a market capitalization of $75.26 billion, a PE ratio of 14.55, a price-to-earnings-growth ratio of 2.32 and a beta of 1.11.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, January 31st. The energy producer reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.08. ConocoPhillips had a return on equity of 16.91% and a net margin of 16.16%. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.60 billion. During the same quarter last year, the company posted $0.45 EPS. Equities research analysts expect that ConocoPhillips will post 3.81 earnings per share for the current year.
A number of equities analysts have commented on COP shares. Piper Jaffray Companies upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $68.00 to $75.00 in a research note on Thursday, March 21st. Zacks Investment Research lowered ConocoPhillips from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 3rd. Morgan Stanley raised their price objective on ConocoPhillips from $77.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th. Barclays restated a “buy” rating and set a $79.00 price objective on shares of ConocoPhillips in a research note on Friday, January 11th. Finally, Goldman Sachs Group upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $82.00 in a research note on Sunday, February 3rd. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $79.00.
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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. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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