Brandywine Global Investment Management LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,299,758 shares of the energy producer’s stock after selling 558,257 shares during the period. ConocoPhillips accounts for approximately 1.1% of Brandywine Global Investment Management LLC’s holdings, making the stock its 22nd biggest holding. Brandywine Global Investment Management LLC owned 0.20% of ConocoPhillips worth $143,390,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in COP. North Star Investment Management Corp. lifted its stake in ConocoPhillips by 0.4% in the fourth quarter. North Star Investment Management Corp. now owns 52,431 shares of the energy producer’s stock worth $3,269,000 after purchasing an additional 215 shares during the last quarter. Equitable Trust Co. increased its position in shares of ConocoPhillips by 13.4% during the third quarter. Equitable Trust Co. now owns 19,676 shares of the energy producer’s stock worth $1,523,000 after acquiring an additional 2,320 shares during the period. Hudson Valley Investment Advisors Inc. ADV increased its position in shares of ConocoPhillips by 48.0% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 77,291 shares of the energy producer’s stock worth $4,819,000 after acquiring an additional 25,069 shares during the period. Legacy Bridge LLC purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $534,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $25,236,000. 73.58% of the stock is owned by hedge funds and other institutional investors.
COP has been the topic of a number of research reports. Barclays reaffirmed a “buy” rating and set a $79.00 target price on shares of ConocoPhillips in a research report on Friday, January 11th. Bank of America lowered shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $75.00 target price on the stock. in a research report on Friday, January 4th. Goldman Sachs Group raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and raised their target price for the stock from $76.00 to $82.00 in a research report on Sunday, February 3rd. Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Finally, Morgan Stanley set a $77.00 target price on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $79.00.
ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, January 31st. The energy producer reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.08. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.60 billion. ConocoPhillips had a net margin of 16.16% and a return on equity of 16.91%. During the same period last year, the company posted $0.45 earnings per share. Analysts anticipate that ConocoPhillips will post 3.74 EPS for the current fiscal year.
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ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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