Harmony Asset Management LLC Decreases Stock Holdings in ConocoPhillips (NYSE:COP)

Harmony Asset Management LLC lowered its stake in shares of ConocoPhillips (NYSE:COP) by 37.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,127 shares of the energy producer’s stock after selling 1,885 shares during the period. Harmony Asset Management LLC’s holdings in ConocoPhillips were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in COP. Vanguard Group Inc. boosted its holdings in ConocoPhillips by 11.7% during the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer’s stock worth $12,081,491,000 after buying an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock worth $4,546,706,000 after buying an additional 5,549,078 shares in the last quarter. Invesco Ltd. boosted its holdings in ConocoPhillips by 37.1% during the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock worth $1,544,101,000 after buying an additional 4,211,939 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ConocoPhillips by 13.7% during the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock worth $2,792,521,000 after buying an additional 3,397,360 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of ConocoPhillips by 27.6% in the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer’s stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP opened at $87.15 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. The company has a market capitalization of $110.17 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.79 and a beta of 0.64. The company’s 50 day simple moving average is $92.72 and its 200 day simple moving average is $98.69. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $119.72.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The firm had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.74 billion. During the same quarter in the prior year, the business posted $2.05 earnings per share. On average, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Monday, May 19th. ConocoPhillips’s dividend payout ratio (DPR) is 39.64%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COP. Piper Sandler reduced their price target on shares of ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a report on Thursday, January 30th. Bank of America downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and reduced their price target for the company from $138.00 to $107.00 in a report on Tuesday, April 29th. Susquehanna reduced their price target on shares of ConocoPhillips from $120.00 to $114.00 and set a “positive” rating on the stock in a report on Monday, May 12th. Finally, Mizuho reduced their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $121.95.

ConocoPhillips 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.