Geode Capital Management LLC Has $2.79 Billion Stock Position in ConocoPhillips (NYSE:COP)

Geode Capital Management LLC increased its holdings in ConocoPhillips (NYSE:COP) by 13.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,131,288 shares of the energy producer’s stock after acquiring an additional 3,397,360 shares during the period. Geode Capital Management LLC owned about 2.44% of ConocoPhillips worth $2,792,521,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ConocoPhillips by 11.7% during the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer’s stock valued at $12,081,491,000 after buying an additional 12,751,120 shares during the last quarter. State Street Corp lifted its stake in ConocoPhillips by 19.0% during the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock valued at $7,046,263,000 after acquiring an additional 10,663,093 shares in the last quarter. Wellington Management Group LLP boosted its holdings in ConocoPhillips by 20.2% during 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 last quarter. Franklin Resources Inc. grew its stake in shares of ConocoPhillips by 6.4% in the 4th quarter. Franklin Resources Inc. now owns 14,420,058 shares of the energy producer’s stock worth $1,430,034,000 after acquiring an additional 862,707 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of ConocoPhillips by 10.6% in the fourth quarter. Fisher Asset Management LLC now owns 13,780,782 shares of the energy producer’s stock valued at $1,366,640,000 after purchasing an additional 1,324,771 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. Mizuho upgraded shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $132.00 to $134.00 in a report on Monday, December 16th. Wells Fargo & Company cut their target price on ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. JPMorgan Chase & Co. decreased their price target on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Truist Financial boosted their price objective on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, UBS Group decreased their target price on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $132.95.

ConocoPhillips Stock Up 2.6 %

COP opened at $105.04 on Tuesday. The firm has a market capitalization of $133.65 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 0.79 and a beta of 1.12. ConocoPhillips has a one year low of $86.81 and a one year high of $135.18. The company has a fifty day moving average price of $98.94 and a 200-day moving average price of $103.29. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 2.97%. ConocoPhillips’s payout ratio is presently 40.05%.

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.