Jacobs Levy Equity Management Inc. Reduces Stock Position in ConocoPhillips (NYSE:COP)

Jacobs Levy Equity Management Inc. cut its holdings in ConocoPhillips (NYSE:COP) by 74.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 290,837 shares of the energy producer’s stock after selling 840,362 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in ConocoPhillips were worth $30,619,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Fisher Asset Management LLC increased its stake in ConocoPhillips by 59.7% during the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after acquiring an additional 4,656,040 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of ConocoPhillips by 5,422.3% during the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after purchasing an additional 4,504,653 shares during the last quarter. Primecap Management Co. CA increased its position in shares of ConocoPhillips by 48.9% during the 3rd quarter. Primecap Management Co. CA now owns 4,320,905 shares of the energy producer’s stock valued at $454,905,000 after purchasing an additional 1,418,900 shares during the last quarter. International Assets Investment Management LLC lifted its position in ConocoPhillips by 10,634.2% in the third quarter. International Assets Investment Management LLC now owns 1,205,666 shares of the energy producer’s stock worth $126,933,000 after buying an additional 1,194,434 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in ConocoPhillips by 19.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock worth $717,093,000 after buying an additional 1,101,685 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets increased their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Truist Financial dropped their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Mizuho increased their price target on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Stock Down 0.1 %

Shares of ConocoPhillips stock opened at $106.05 on Wednesday. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock has a market cap of $122.05 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.87 and a beta of 1.18. The firm’s 50-day moving average is $108.64 and its two-hundred day moving average is $110.52.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the firm earned $2.16 earnings per share. As a group, research analysts expect that ConocoPhillips will post 7.76 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.94%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. ConocoPhillips’s payout ratio is presently 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.