Mcrae Capital Management Inc. cut its position in shares of ConocoPhillips (NYSE:COP) by 75.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,675 shares of the energy producer’s stock after selling 57,978 shares during the period. Mcrae Capital Management Inc.’s holdings in ConocoPhillips were worth $1,164,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in COP. Bank of New York Mellon Corp boosted its stake in shares of ConocoPhillips by 54,716.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 12,236,749 shares of the energy producer’s stock worth $947,125,000 after purchasing an additional 12,214,426 shares during the period. AQR Capital Management LLC boosted its position in ConocoPhillips by 85.1% in the 3rd quarter. AQR Capital Management LLC now owns 8,596,351 shares of the energy producer’s stock valued at $665,357,000 after buying an additional 3,951,688 shares during the period. Bank of Montreal Can boosted its position in ConocoPhillips by 101.9% in the 3rd quarter. Bank of Montreal Can now owns 5,825,885 shares of the energy producer’s stock valued at $450,923,000 after buying an additional 2,940,689 shares during the period. Capital World Investors boosted its position in ConocoPhillips by 2.4% in the 3rd quarter. Capital World Investors now owns 65,981,471 shares of the energy producer’s stock valued at $5,106,966,000 after buying an additional 1,571,260 shares during the period. Finally, LSV Asset Management boosted its position in ConocoPhillips by 4,028.4% in the 3rd quarter. LSV Asset Management now owns 1,552,287 shares of the energy producer’s stock valued at $120,147,000 after buying an additional 1,514,687 shares during the period. 71.32% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on COP. Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Monday, October 29th. BMO Capital Markets set a $78.00 price target on shares of ConocoPhillips and gave the stock a “buy” rating in a research report on Monday, November 12th. Piper Jaffray Companies reiterated a “hold” rating and set a $66.00 price objective on shares of ConocoPhillips in a research note on Monday, November 19th. Morgan Stanley reduced their price objective on shares of ConocoPhillips from $88.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. Finally, Zacks Investment Research lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Thursday, November 22nd. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $76.41.
COP traded down $0.27 during midday trading on Friday, hitting $69.97. 5,225,516 shares of the company traded hands, compared to its average volume of 5,973,298. The company has a quick ratio of 1.66, a current ratio of 1.79 and a debt-to-equity ratio of 0.46. The company has a market cap of $79.69 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 2.95 and a beta of 1.11. ConocoPhillips has a 52-week low of $52.78 and a 52-week high of $80.24.
ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, January 31st. The energy producer reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.08. The business had revenue of $10.36 billion during the quarter, compared to analysts’ expectations of $10.60 billion. ConocoPhillips had a net margin of 16.16% and a return on equity of 16.91%. During the same period in the prior year, the business earned $0.45 earnings per share. On average, research analysts forecast that ConocoPhillips will post 3.43 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Monday, February 11th will be given a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, February 8th. ConocoPhillips’s payout ratio is currently 26.93%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.
Read More: Economic Reports
Receive News & Ratings for ConocoPhillips Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConocoPhillips and related companies with MarketBeat.com's FREE daily email newsletter.