Van ECK Associates Corp Sells 46,645 Shares of ConocoPhillips (NYSE:COP)

Van ECK Associates Corp cut its position in ConocoPhillips (NYSE:COP) by 16.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 245,340 shares of the energy producer’s stock after selling 46,645 shares during the quarter. Van ECK Associates Corp’s holdings in ConocoPhillips were worth $25,640,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Ruedi Wealth Management Inc. boosted its stake in shares of ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after buying an additional 150 shares during the period. Values First Advisors Inc. acquired a new position in ConocoPhillips in the 3rd quarter valued at $26,000. Stephens Consulting LLC lifted its position in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 104 shares during the period. Reston Wealth Management LLC acquired a new stake in shares of ConocoPhillips during the 3rd quarter worth $31,000. Finally, Y.D. More Investments Ltd bought a new position in shares of ConocoPhillips in the second quarter worth $35,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

COP opened at $108.86 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.30. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The stock has a market capitalization of $126.41 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 0.90 and a beta of 1.21. The stock’s 50 day moving average price is $107.84 and its 200-day moving average price is $112.66.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.16 EPS. On average, equities research analysts predict that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a dividend yield of 2.87%. ConocoPhillips’s dividend payout ratio (DPR) is presently 37.10%.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

COP has been the subject of several research analyst reports. Barclays boosted their price objective on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Scotiabank cut their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Susquehanna boosted their price objective on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a report on Friday. Finally, Wolfe Research began coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target on the stock. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $137.47.

ConocoPhillips Profile

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.