DnB Asset Management AS Sells 80,056 Shares of ConocoPhillips (NYSE:COP)

DnB Asset Management AS trimmed its stake in ConocoPhillips (NYSE:COP) by 22.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 276,534 shares of the energy producer’s stock after selling 80,056 shares during the period. DnB Asset Management AS’s holdings in ConocoPhillips were worth $27,424,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Loomis Sayles & Co. L P grew its holdings in ConocoPhillips by 6.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,953 shares of the energy producer’s stock worth $206,000 after acquiring an additional 121 shares in the last quarter. Freedom Investment Management Inc. boosted its stake in shares of ConocoPhillips by 18.8% during the third quarter. Freedom Investment Management Inc. now owns 9,418 shares of the energy producer’s stock valued at $992,000 after purchasing an additional 1,492 shares in the last quarter. Bridgewater Associates LP increased its holdings in ConocoPhillips by 58.9% during the third quarter. Bridgewater Associates LP now owns 3,079 shares of the energy producer’s stock valued at $324,000 after buying an additional 1,141 shares during the period. CreativeOne Wealth LLC raised its stake in ConocoPhillips by 20.6% in the third quarter. CreativeOne Wealth LLC now owns 9,906 shares of the energy producer’s stock worth $1,043,000 after buying an additional 1,690 shares in the last quarter. Finally, Icon Wealth Advisors LLC raised its stake in ConocoPhillips by 1.5% in the third quarter. Icon Wealth Advisors LLC now owns 11,998 shares of the energy producer’s stock worth $1,263,000 after buying an additional 183 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $102.37 on Friday. The firm has a market cap of $130.26 billion, a PE ratio of 13.14, a P/E/G ratio of 0.79 and a beta of 1.12. The business has a 50-day moving average price of $98.95 and a 200 day moving average price of $103.28. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. ConocoPhillips has a twelve month low of $86.81 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s dividend payout ratio is presently 40.05%.

Analyst Upgrades and Downgrades

COP has been the topic of a number of analyst reports. UBS Group cut their price target on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Piper Sandler reduced their target price on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. TD Cowen assumed coverage on shares of ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 price target on the stock. Morgan Stanley decreased their target price on shares of ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $132.95.

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.