ConocoPhillips $COP Stock Sold by Ninety One SA Pty Ltd

Ninety One SA Pty Ltd lessened its stake in ConocoPhillips (NYSE:COP) by 4.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,514 shares of the energy producer’s stock after selling 5,511 shares during the quarter. ConocoPhillips accounts for 0.8% of Ninety One SA Pty Ltd’s investment portfolio, making the stock its 19th largest position. Ninety One SA Pty Ltd’s holdings in ConocoPhillips were worth $15,103,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State Street Corp boosted its holdings in ConocoPhillips by 73.2% during the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after buying an additional 50,116,727 shares in the last quarter. BlackRock Inc. grew its holdings in ConocoPhillips by 3.0% during the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock valued at $9,760,436,000 after buying an additional 2,712,703 shares during the last quarter. Wellington Management Group LLP grew its holdings in ConocoPhillips by 12.0% during the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock valued at $1,566,901,000 after buying an additional 1,609,759 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in ConocoPhillips by 0.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,044,489 shares of the energy producer’s stock valued at $1,457,978,000 after buying an additional 74,261 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in ConocoPhillips by 10.8% during the first quarter. Bank of New York Mellon Corp now owns 10,181,950 shares of the energy producer’s stock worth $1,344,017,000 after buying an additional 995,392 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Down 0.0%

COP traded down $0.03 during trading on Thursday, hitting $142.31. The company had a trading volume of 2,583,432 shares, compared to its average volume of 8,044,803. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $143.13. The business has a 50-day moving average of $131.03 and a 200-day moving average of $122.22. The company has a market cap of $170.96 billion, a PE ratio of 18.82, a P/E/G ratio of 1.44 and a beta of 0.24.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%. The business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s revenue for the quarter was up 32.4% compared to the same quarter last year. As a group, analysts forecast that ConocoPhillips will post 10.84 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. ConocoPhillips’s payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on COP. Truist Financial boosted their target price on shares of ConocoPhillips from $130.00 to $136.00 and gave the company a “hold” rating in a research note on Wednesday, October 7th. Royal Bank Of Canada set a $130.00 target price on ConocoPhillips in a research report on Monday, June 22nd. Wall Street Zen upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Jefferies Financial Group boosted their price objective on shares of ConocoPhillips from $159.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, Susquehanna upped their target price on ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.62.

Insider Buying and Selling

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.09% of the stock is currently owned by insiders.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.