Holderness Investments Co. Sells 303 Shares of ConocoPhillips (NYSE:COP)

Holderness Investments Co. reduced its position in shares of ConocoPhillips (NYSE:COP) by 3.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 9,016 shares of the energy producer’s stock after selling 303 shares during the quarter. Holderness Investments Co.’s holdings in ConocoPhillips were worth $894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in COP. State Street Corp raised its holdings in ConocoPhillips by 19.0% during 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 buying an additional 10,663,093 shares during the last quarter. Wellington Management Group LLP raised its holdings in ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock worth $3,280,725,000 after purchasing an additional 5,240,016 shares in the last quarter. Fisher Asset Management LLC raised its holdings in ConocoPhillips by 59.7% in the 3rd quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after purchasing an additional 4,656,040 shares in the last quarter. Pacer Advisors Inc. raised its holdings in ConocoPhillips by 5,422.3% in the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock worth $482,996,000 after purchasing an additional 4,504,653 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in ConocoPhillips by 401.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer’s stock worth $438,690,000 after purchasing an additional 3,541,504 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. 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 objective for the company. Truist Financial upped their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Barclays decreased their price objective on shares of ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating for the company in a report on Monday, February 10th. JPMorgan Chase & Co. decreased their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler decreased their price objective 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. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $133.05.

ConocoPhillips Stock Up 0.9 %

NYSE:COP opened at $102.25 on Friday. The firm has a market cap of $130.09 billion, a P/E ratio of 13.13, a P/E/G ratio of 0.79 and a beta of 1.12. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. ConocoPhillips has a fifty-two week low of $86.81 and a fifty-two week high of $135.18. The firm has a 50-day simple moving average of $99.21 and a two-hundred day simple moving average of $103.53.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, beating 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%. Analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

About ConocoPhillips

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.