HITE Hedge Asset Management LLC reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 23.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 265,693 shares of the energy producer's stock after selling 82,606 shares during the quarter. ConocoPhillips comprises approximately 3.2% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 7th biggest holding. HITE Hedge Asset Management LLC's holdings in ConocoPhillips were worth $27,972,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the business. Values First Advisors Inc. purchased a new position in shares of ConocoPhillips in the third quarter valued at $26,000. Stephens Consulting LLC raised its position in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer's stock valued at $29,000 after purchasing an additional 104 shares during the period. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter worth approximately $31,000. Truvestments Capital LLC purchased a new position in ConocoPhillips during the third quarter valued at $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the second quarter valued at $35,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on the company. UBS Group reduced their price target on ConocoPhillips from $153.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Wells Fargo & Company restated a "sector perform" rating on shares of ConocoPhillips in a research report on Friday, October 18th. Barclays lifted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an "overweight" rating in a report on Friday, November 1st. Finally, BMO Capital Markets upped their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.63.
Read Our Latest Research Report on ConocoPhillips
COP stock opened at $106.14 on Tuesday. The company has a 50 day moving average price of $108.77 and a two-hundred day moving average price of $110.72. The stock has a market capitalization of $122.16 billion, a P/E ratio of 12.62, a PEG ratio of 0.89 and a beta of 1.18. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30.
ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the business posted $2.16 earnings per share. The business's quarterly revenue was down 8.5% compared to the same quarter last year. As a group, sell-side analysts expect that ConocoPhillips will post 7.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were issued a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 2.94%. This is an increase from ConocoPhillips's previous quarterly dividend of $0.58. ConocoPhillips's payout ratio is currently 37.10%.
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.
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