Graypoint LLC Decreases Stock Holdings in ConocoPhillips (NYSE:COP)

Graypoint LLC trimmed its position in shares of ConocoPhillips (NYSE:COP) by 7.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,123 shares of the energy producer’s stock after selling 1,666 shares during the quarter. Graypoint LLC’s holdings in ConocoPhillips were worth $1,996,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. State Street Corp raised its position in shares of ConocoPhillips by 19.0% in the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock valued at $7,046,263,000 after purchasing an additional 10,663,093 shares during the last quarter. Wellington Management Group LLP raised its position in shares of ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock valued at $3,280,725,000 after purchasing an additional 5,240,016 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ConocoPhillips by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 24,733,928 shares of the energy producer’s stock valued at $2,601,639,000 after purchasing an additional 924,289 shares during the last quarter. Franklin Resources Inc. raised its position in shares of ConocoPhillips by 12.5% in the 3rd quarter. Franklin Resources Inc. now owns 13,557,351 shares of the energy producer’s stock valued at $1,469,163,000 after purchasing an additional 1,506,599 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of ConocoPhillips by 59.7% in the 3rd quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock valued at $1,311,369,000 after purchasing an additional 4,656,040 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $101.93 on Friday. The stock has a market capitalization of $117.31 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 0.83 and a beta of 1.19. ConocoPhillips has a 12 month low of $94.23 and a 12 month high of $135.18. The firm’s 50 day simple moving average is $104.39 and its 200-day simple moving average is $107.79. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. Analysts expect that ConocoPhillips will post 7.77 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were paid a $0.78 dividend. The ex-dividend date was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 3.06%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Analysts Set New Price Targets

Several brokerages recently commented on COP. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. JPMorgan Chase & Co. raised shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Wells Fargo & Company raised their price target on shares of ConocoPhillips from $131.00 to $134.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. BMO Capital Markets raised their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Finally, Barclays raised their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has an average rating of “Buy” and an average target price of $136.71.

Insider Activity at ConocoPhillips

In other news, Director Arjun N. Murti acquired 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were bought at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now owns 21,500 shares of the company’s stock, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the acquisition, the director now directly owns 38,000 shares in the company, valued at $3,716,400. This represents a 37.68 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

ConocoPhillips Company Profile

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.