Jennison Associates LLC Sells 1,488,104 Shares of ConocoPhillips (NYSE:COP)

Jennison Associates LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 95.3% in the third quarter, Holdings Channel.com reports. The firm owned 73,845 shares of the energy producer’s stock after selling 1,488,104 shares during the period. Jennison Associates LLC’s holdings in ConocoPhillips were worth $7,774,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Prospera Private Wealth LLC lifted its stake in ConocoPhillips by 221.9% in the third quarter. Prospera Private Wealth LLC now owns 5,668 shares of the energy producer’s stock worth $597,000 after purchasing an additional 3,907 shares during the last quarter. West Family Investments Inc. lifted its stake in shares of ConocoPhillips by 8.9% in the 3rd quarter. West Family Investments Inc. now owns 3,498 shares of the energy producer’s stock valued at $368,000 after acquiring an additional 285 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of ConocoPhillips in the 3rd quarter valued at about $10,289,000. Banque Cantonale Vaudoise grew its position in ConocoPhillips by 20.7% during the 3rd quarter. Banque Cantonale Vaudoise now owns 9,332 shares of the energy producer’s stock worth $982,000 after acquiring an additional 1,598 shares during the last quarter. Finally, SouthState Corp grew its position in ConocoPhillips by 5.1% during the 3rd quarter. SouthState Corp now owns 5,178 shares of the energy producer’s stock worth $545,000 after acquiring an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 0.1 %

NYSE:COP opened at $111.75 on Friday. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The company has a market capitalization of $128.61 billion, a PE ratio of 13.29, a P/E/G ratio of 0.92 and a beta of 1.21. The firm’s 50-day moving average price is $108.91 and its 200-day moving average price is $111.40. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the prior year, the company earned $2.16 earnings per share. The business’s revenue was down 8.5% compared to the same quarter last year. On average, equities analysts predict that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

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

Analysts Set New Price Targets

COP has been the topic of several recent analyst reports. 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. Susquehanna raised their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Barclays upped their price objective on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Truist Financial cut their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, Mizuho upped their price target on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

About ConocoPhillips

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.