Letko Brosseau & Associates Inc. lessened its position in shares of ConocoPhillips (NYSE:COP) by 4.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,127,197 shares of the energy producer’s stock after selling 108,020 shares during the quarter. ConocoPhillips makes up about 1.3% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 26th largest position. Letko Brosseau & Associates Inc. owned about 0.19% of ConocoPhillips worth $129,759,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of ConocoPhillips by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 15,108,105 shares of the energy producer’s stock worth $940,354,000 after acquiring an additional 659,942 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of ConocoPhillips during the 1st quarter worth $508,000. Retirement Systems of Alabama lifted its holdings in shares of ConocoPhillips by 3.0% during the 1st quarter. Retirement Systems of Alabama now owns 1,165,228 shares of the energy producer’s stock worth $77,767,000 after acquiring an additional 33,518 shares during the last quarter. Sciencast Management LP lifted its holdings in shares of ConocoPhillips by 13.0% during the 1st quarter. Sciencast Management LP now owns 8,700 shares of the energy producer’s stock worth $577,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Ropes Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 8.1% during the 1st quarter. Ropes Wealth Advisors LLC now owns 3,304 shares of the energy producer’s stock worth $221,000 after acquiring an additional 248 shares during the last quarter. 73.64% of the stock is owned by institutional investors and hedge funds.
ConocoPhillips stock traded down $1.02 during mid-day trading on Thursday, hitting $50.76. The company’s stock had a trading volume of 3,024,049 shares, compared to its average volume of 6,232,874. The company has a current ratio of 1.76, a quick ratio of 1.64 and a debt-to-equity ratio of 0.45. The stock has a market cap of $58.97 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.38 and a beta of 0.99. The business has a 50 day moving average of $58.80. ConocoPhillips has a 12 month low of $51.51 and a 12 month high of $80.24.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, July 22nd will be paid a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 2.40%. The ex-dividend date is Friday, July 19th. ConocoPhillips’s dividend payout ratio is presently 26.93%.
A number of research firms have recently issued reports on COP. Credit Suisse Group downgraded shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Wednesday, May 1st. ValuEngine raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. JPMorgan Chase & Co. dropped their price objective on shares of ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Wednesday, July 17th. Finally, Morgan Stanley dropped their price objective on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. ConocoPhillips currently has a consensus rating of “Buy” and a consensus price target of $77.07.
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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