Davis R M Inc. Has $33.67 Million Stock Position in ConocoPhillips $COP

Davis R M Inc. cut its position in ConocoPhillips (NYSE:COP) by 1.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 375,229 shares of the energy producer’s stock after selling 7,146 shares during the quarter. Davis R M Inc.’s holdings in ConocoPhillips were worth $33,673,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares in the last quarter. Nuveen LLC acquired a new stake in ConocoPhillips during the 1st quarter valued at $658,981,000. AQR Capital Management LLC raised its position in ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after purchasing an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of ConocoPhillips by 53.8% during the first quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock worth $550,334,000 after purchasing an additional 1,834,118 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on COP. Raymond James Financial cut their price target on ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, September 8th. Piper Sandler lowered their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday, October 13th. The Goldman Sachs Group dropped their target price on shares of ConocoPhillips from $111.00 to $108.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Mizuho decreased their price target on shares of ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price target for the company. Eighteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.54.

ConocoPhillips Trading Up 1.3%

Shares of NYSE COP opened at $86.82 on Monday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38. The firm has a market capitalization of $108.43 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.36 and a beta of 0.58. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The company’s 50 day simple moving average is $91.58 and its 200 day simple moving average is $92.01.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The firm had revenue of $15.03 billion during the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.78 EPS. On average, analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $0.84 dividend. The ex-dividend date of this dividend is Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a yield of 3.9%. ConocoPhillips’s payout ratio is currently 47.52%.

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.