Intech Investment Management LLC Sells 16,890 Shares of ConocoPhillips (NYSE:COP)

Intech Investment Management LLC cut its holdings in ConocoPhillips (NYSE:COP) by 15.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 94,962 shares of the energy producer’s stock after selling 16,890 shares during the quarter. Intech Investment Management LLC’s holdings in ConocoPhillips were worth $9,998,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Values First Advisors Inc. bought a new stake in ConocoPhillips during the 3rd quarter worth about $26,000. Stephens Consulting LLC boosted its position in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips in the third quarter worth about $31,000. Y.D. More Investments Ltd bought a new stake in ConocoPhillips during the 2nd quarter worth approximately $35,000. Finally, Fairway Wealth LLC raised its holdings in shares of ConocoPhillips by 95.6% during the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after acquiring an additional 153 shares during the period. 82.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

COP has been the subject of a number of recent research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. UBS Group dropped their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Truist Financial reduced their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. BMO Capital Markets upped their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Scotiabank lowered their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Trading Down 1.5 %

NYSE COP opened at $111.71 on Friday. The business’s fifty day moving average is $108.74 and its 200 day moving average is $111.48. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The company has a market cap of $128.57 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the previous year, the firm posted $2.16 earnings per share. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. As a group, sell-side analysts expect that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a $0.78 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.79%. ConocoPhillips’s payout ratio is presently 37.10%.

ConocoPhillips Company 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.