ConocoPhillips (NYSE:COP) Stock Holdings Lessened by Eastern Bank

Eastern Bank reduced its holdings in ConocoPhillips (NYSE:COP) by 0.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 186,971 shares of the energy producer’s stock after selling 136 shares during the period. Eastern Bank’s holdings in ConocoPhillips were worth $18,542,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. State Street Corp increased its holdings in shares of ConocoPhillips by 19.0% in the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares during the period. Wellington Management Group LLP increased its holdings in shares of ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock worth $3,280,725,000 after acquiring an additional 5,240,016 shares during the period. Geode Capital Management LLC increased its holdings in shares of ConocoPhillips by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 24,733,928 shares of the energy producer’s stock worth $2,601,639,000 after acquiring an additional 924,289 shares during the period. Franklin Resources Inc. increased its holdings in shares of ConocoPhillips by 12.5% in the 3rd quarter. Franklin Resources Inc. now owns 13,557,351 shares of the energy producer’s stock worth $1,469,163,000 after acquiring an additional 1,506,599 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in shares of ConocoPhillips by 59.7% in the 3rd quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after acquiring an additional 4,656,040 shares during the period. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

COP traded up $2.21 during trading on Monday, reaching $104.13. 5,223,934 shares of the company’s stock were exchanged, compared to its average volume of 5,552,227. ConocoPhillips has a fifty-two week low of $94.23 and a fifty-two week high of $135.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average price of $104.39 and a 200 day moving average price of $107.70. The company has a market capitalization of $119.84 billion, a P/E ratio of 12.38, a PEG ratio of 0.83 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating 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 the consensus estimate of $13.97 billion. During the same quarter in the previous year, the company earned $2.16 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, analysts predict that ConocoPhillips will post 7.77 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 37.10%.

Analyst Ratings Changes

Several research firms have commented on COP. Piper Sandler lowered their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Susquehanna lifted their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $120.00 to $123.00 in a report on Thursday, December 5th. Scotiabank decreased their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Finally, Morgan Stanley initiated coverage on shares of ConocoPhillips in a report on Monday, December 16th. They issued an “overweight” rating and a $128.00 target price for the company. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $136.76.

Insider Buying and Selling

In other news, Director Arjun N. Murti purchased 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the transaction, the director now directly owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. The trade was a 13.16 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director R A. Walker purchased 10,400 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

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.