MetLife Investment Management LLC cut its position in ConocoPhillips (NYSE:COP – Free Report) by 2.7% during the second quarter, Holdings Channel reports. The firm owned 307,188 shares of the energy producer’s stock after selling 8,673 shares during the period. MetLife Investment Management LLC’s holdings in ConocoPhillips were worth $31,828,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of COP. Northwest Bank & Trust Co acquired a new position in shares of ConocoPhillips in the second quarter valued at about $29,000. Fairfield Bush & CO. purchased a new stake in shares of ConocoPhillips in the first quarter worth about $31,000. HHM Wealth Advisors LLC boosted its stake in shares of ConocoPhillips by 91.4% in the first quarter. HHM Wealth Advisors LLC now owns 402 shares of the energy producer’s stock worth $40,000 after buying an additional 192 shares during the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of ConocoPhillips in the second quarter worth about $42,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of ConocoPhillips in the fourth quarter worth about $43,000. 80.36% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have recently commented on COP shares. Bank of America upped their target price on ConocoPhillips from $145.00 to $150.00 in a research note on Wednesday, September 27th. UBS Group upped their target price on ConocoPhillips from $147.00 to $149.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Mizuho increased their price target on ConocoPhillips from $135.00 to $139.00 and gave the stock a “neutral” rating in a research report on Monday, September 18th. Raymond James lowered their price target on ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating on the stock in a research report on Monday, July 24th. Finally, StockNews.com began coverage on ConocoPhillips in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $136.35.
Insider Buying and Selling at ConocoPhillips
In other ConocoPhillips news, Director Sharmila Mulligan sold 1,849 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $125.19, for a total value of $231,476.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other ConocoPhillips news, Director Sharmila Mulligan sold 1,849 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $125.19, for a total value of $231,476.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Andrew D. Lundquist sold 30,800 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $123.83, for a total transaction of $3,813,964.00. Following the completion of the transaction, the senior vice president now directly owns 5,937 shares in the company, valued at approximately $735,178.71. The disclosure for this sale can be found here. Insiders have sold 646,049 shares of company stock valued at $78,636,116 over the last 90 days. 0.37% of the stock is owned by insiders.
ConocoPhillips Trading Up 1.2 %
Shares of COP traded up $1.33 during mid-day trading on Monday, reaching $115.92. The stock had a trading volume of 1,230,477 shares, compared to its average volume of 5,680,458. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.53. ConocoPhillips has a 52-week low of $91.53 and a 52-week high of $130.55. The business’s fifty day moving average is $119.68 and its 200 day moving average is $112.53. The firm has a market cap of $137.64 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 0.68 and a beta of 1.28.
ConocoPhillips Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Monday, November 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.00%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.51. ConocoPhillips’s dividend payout ratio is currently 25.36%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States and internationally. The company's 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 global exploration prospects.
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