Parsons Capital Management Inc. RI Decreases Stake in ConocoPhillips $COP

Parsons Capital Management Inc. RI reduced its stake in ConocoPhillips (NYSE:COPFree Report) by 1.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,347 shares of the energy producer’s stock after selling 529 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in ConocoPhillips were worth $4,069,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of COP. Charles Schwab Investment Management Inc. raised its position 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 valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new position in ConocoPhillips during the 1st quarter worth approximately $658,981,000. AQR Capital Management LLC raised its position in ConocoPhillips by 190.5% during the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock worth $484,539,000 after buying an additional 3,058,505 shares during the last quarter. Goldman Sachs Group Inc. raised its position in ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after buying an additional 2,080,625 shares during the last quarter. Finally, Deutsche Bank AG raised its position in ConocoPhillips by 53.8% during the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock worth $550,334,000 after buying an additional 1,834,118 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COP has been the subject of a number of recent research reports. Wells Fargo & Company reissued an “overweight” rating and set a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Wall Street Zen raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Citigroup reduced their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. BMO Capital Markets raised their price target on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Finally, Roth Capital reaffirmed a “buy” rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.14.

Check Out Our Latest Stock Report on COP

ConocoPhillips Price Performance

NYSE:COP opened at $95.39 on Thursday. 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 firm has a market cap of $119.13 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 2.49 and a beta of 0.62. The company has a 50 day moving average price of $94.98 and a 200-day moving average price of $93.00. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08.

ConocoPhillips (NYSE:COPGet Free Report) last posted its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 EPS. Equities research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips’s dividend payout ratio (DPR) is currently 41.88%.

About ConocoPhillips

(Free Report)

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.

See Also

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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