Brooklyn Investment Group Reduces Position in ConocoPhillips (NYSE:COP)

Brooklyn Investment Group reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 9.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,296 shares of the energy producer’s stock after selling 632 shares during the quarter. Brooklyn Investment Group’s holdings in ConocoPhillips were worth $663,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in COP. Fisher Asset Management LLC raised its holdings in ConocoPhillips by 59.7% during the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after purchasing an additional 4,656,040 shares in the last quarter. Legal & General Group Plc grew its position in shares of ConocoPhillips by 4.6% in the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock valued at $1,132,430,000 after buying an additional 438,241 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,096,450 shares of the energy producer’s stock valued at $747,114,000 after buying an additional 153,944 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in ConocoPhillips by 19.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock valued at $717,093,000 after acquiring an additional 1,101,685 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its stake in ConocoPhillips by 5,422.3% in the third quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after acquiring an additional 4,504,653 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP opened at $106.60 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock’s 50 day moving average is $108.92 and its two-hundred day moving average is $111.11. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The firm has a market capitalization of $122.69 billion, a PE ratio of 12.61, a P/E/G ratio of 0.91 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share 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 the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.16 earnings per share. Research analysts anticipate that ConocoPhillips will post 7.78 earnings per share 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 paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.93%. ConocoPhillips’s dividend payout ratio is 37.10%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on COP. Barclays lifted their target price on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Truist Financial reduced their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. UBS Group reduced their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, BMO Capital Markets increased their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.