Davis R M Inc. Cuts Holdings in ConocoPhillips (NYSE:COP)

Davis R M Inc. lowered its holdings in ConocoPhillips (NYSE:COP) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 387,082 shares of the energy producer’s stock after selling 3,502 shares during the quarter. Davis R M Inc.’s holdings in ConocoPhillips were worth $40,752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new position in ConocoPhillips in the 2nd quarter worth about $30,021,000. Alpha DNA Investment Management LLC raised its holdings in shares of ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock valued at $1,879,000 after purchasing an additional 7,490 shares during the last quarter. Prospera Financial Services Inc lifted its position in ConocoPhillips by 23.6% during the third quarter. Prospera Financial Services Inc now owns 71,097 shares of the energy producer’s stock valued at $7,488,000 after purchasing an additional 13,595 shares during the period. Pacer Advisors Inc. boosted its holdings in ConocoPhillips by 5,422.3% in the third 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 during the last quarter. Finally, TCW Group Inc. grew its position in ConocoPhillips by 37.8% in the 2nd quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after purchasing an additional 8,231 shares during the period. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Mizuho boosted their price target on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Finally, BMO Capital Markets boosted their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Price Performance

NYSE:COP opened at $111.75 on Monday. The business’s 50-day simple moving average is $108.91 and its two-hundred day simple moving average is $111.23. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The stock has a market cap of $128.61 billion, a PE ratio of 13.29, a P/E/G ratio of 0.91 and a beta of 1.21. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. As a group, analysts forecast that ConocoPhillips will post 7.78 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is 37.10%.

ConocoPhillips Company 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.