Swiss National Bank Reduces Holdings in ConocoPhillips (NYSE:COP)

Swiss National Bank reduced its position in shares of ConocoPhillips (NYSE:COP) by 0.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,455,915 shares of the energy producer’s stock after selling 27,100 shares during the quarter. Swiss National Bank’s holdings in ConocoPhillips were worth $363,839,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its stake in shares of ConocoPhillips by 0.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,210,124 shares of the energy producer’s stock worth $127,402,000 after purchasing an additional 3,877 shares during the last quarter. Claro Advisors LLC boosted its stake in shares of ConocoPhillips by 23.5% during the 3rd quarter. Claro Advisors LLC now owns 4,215 shares of the energy producer’s stock worth $444,000 after purchasing an additional 803 shares during the last quarter. Concord Asset Management LLC VA boosted its stake in shares of ConocoPhillips by 11.7% during the 3rd quarter. Concord Asset Management LLC VA now owns 19,091 shares of the energy producer’s stock worth $2,010,000 after purchasing an additional 1,998 shares during the last quarter. Tower Bridge Advisors boosted its stake in shares of ConocoPhillips by 24.7% during the 3rd quarter. Tower Bridge Advisors now owns 7,479 shares of the energy producer’s stock worth $787,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Atlanta Consulting Group Advisors LLC acquired a new stake in shares of ConocoPhillips during the 3rd quarter worth about $410,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. Truist Financial decreased their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Susquehanna raised their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Finally, UBS Group decreased their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Trading Down 0.5 %

NYSE COP opened at $112.32 on Friday. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The company’s 50 day moving average price is $108.01 and its 200 day moving average price is $111.68. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The firm has a market capitalization of $129.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.16 earnings per share. On average, sell-side analysts predict that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.78%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

ConocoPhillips 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.