Westpac Banking Corp Sells 466 Shares of ConocoPhillips (NYSE:COP)

Westpac Banking Corp lowered its position in ConocoPhillips (NYSE:COP) by 5.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 7,531 shares of the energy producer’s stock after selling 466 shares during the quarter. Westpac Banking Corp’s holdings in ConocoPhillips were worth $747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of COP. Albion Financial Group UT grew its position in shares of ConocoPhillips by 876.9% during the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after acquiring an additional 228 shares during the period. Murphy & Mullick Capital Management Corp bought a new stake in ConocoPhillips during the fourth quarter valued at about $26,000. Centricity Wealth Management LLC purchased a new stake in ConocoPhillips in the fourth quarter worth about $27,000. Crowley Wealth Management Inc. bought a new position in shares of ConocoPhillips in the fourth quarter worth about $32,000. Finally, Global Wealth Strategies & Associates lifted its position in shares of ConocoPhillips by 80.5% during the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after buying an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 9.5 %

Shares of NYSE COP opened at $86.18 on Friday. ConocoPhillips has a 1-year low of $85.55 and a 1-year high of $135.18. The business has a fifty day moving average price of $98.53 and a 200 day moving average price of $103.14. The stock has a market capitalization of $108.95 billion, a P/E ratio of 11.06, a price-to-earnings-growth ratio of 0.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is presently 40.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley reduced their target price on shares of ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Truist Financial raised their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. dropped their target price 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. Wells Fargo & Company decreased their price target on ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Finally, The Goldman Sachs Group set a $132.00 price objective on ConocoPhillips in a research note on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $132.95.

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.