Cascade Investment Advisors Inc. Decreases Stake in ConocoPhillips (COP)
Cascade Investment Advisors Inc. decreased its position in ConocoPhillips (NYSE:COP) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,605 shares of the energy producer’s stock after selling 925 shares during the quarter. ConocoPhillips accounts for approximately 1.4% of Cascade Investment Advisors Inc.’s holdings, making the stock its 14th largest position. Cascade Investment Advisors Inc.’s holdings in ConocoPhillips were worth $1,509,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of COP. Lenox Wealth Advisors LLC acquired a new position in ConocoPhillips during the 1st quarter valued at approximately $27,000. Smart Portfolios LLC boosted its position in ConocoPhillips by 69.5% during the 4th quarter. Smart Portfolios LLC now owns 478 shares of the energy producer’s stock valued at $30,000 after purchasing an additional 196 shares during the period. Athena Capital Advisors LLC acquired a new position in ConocoPhillips during the 4th quarter valued at approximately $32,000. Clarfeld Financial Advisors LLC acquired a new position in ConocoPhillips during the 4th quarter valued at approximately $32,000. Finally, Ironwood Financial llc boosted its position in ConocoPhillips by 294.1% during the 4th quarter. Ironwood Financial llc now owns 536 shares of the energy producer’s stock valued at $33,000 after purchasing an additional 400 shares during the period. Institutional investors own 73.58% of the company’s stock.
Shares of ConocoPhillips stock opened at $66.34 on Tuesday. 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 cap of $75.29 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. ConocoPhillips has a 1-year low of $56.75 and a 1-year high of $80.24.
COP has been the subject of a number of analyst reports. Societe Generale reduced their price objective on ConocoPhillips from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, December 19th. Zacks Investment Research lowered ConocoPhillips from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 3rd. Bank of America lowered ConocoPhillips from a “buy” rating to a “neutral” rating and set a $75.00 price objective for the company. in a research report on Friday, January 4th. Barclays restated a “buy” rating and set a $79.00 price objective on shares of ConocoPhillips in a research report on Friday, January 11th. Finally, Morgan Stanley set a $77.00 price objective on ConocoPhillips and gave the company a “buy” rating in a research report on Tuesday, January 29th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target 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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