Essex Savings Bank decreased its position in shares of ConocoPhillips (NYSE:COP) by 7.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 9,636 shares of the energy producer’s stock after selling 814 shares during the period. Essex Savings Bank’s holdings in ConocoPhillips were worth $405,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of COP. BlackRock Inc. grew its position in ConocoPhillips by 8.6% in the 1st quarter. BlackRock Inc. now owns 86,102,053 shares of the energy producer’s stock valued at $2,651,945,000 after purchasing an additional 6,842,989 shares during the period. State Street Corp lifted its stake in shares of ConocoPhillips by 5.3% in the first quarter. State Street Corp now owns 53,080,153 shares of the energy producer’s stock valued at $1,634,869,000 after buying an additional 2,693,223 shares in the last quarter. Capital International Investors grew its holdings in shares of ConocoPhillips by 41.4% during the first quarter. Capital International Investors now owns 25,605,628 shares of the energy producer’s stock valued at $788,651,000 after buying an additional 7,497,157 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of ConocoPhillips by 999.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 16,516,842 shares of the energy producer’s stock worth $508,719,000 after acquiring an additional 15,014,026 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of ConocoPhillips by 0.6% in the 1st quarter. Geode Capital Management LLC now owns 16,465,017 shares of the energy producer’s stock worth $506,128,000 after acquiring an additional 91,973 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.
ConocoPhillips stock traded down $0.25 during midday trading on Friday, reaching $37.39. The stock had a trading volume of 7,721,107 shares, compared to its average volume of 6,250,089. The company has a quick ratio of 2.04, a current ratio of 2.69 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $40.37 billion, a PE ratio of 18.42 and a beta of 1.69. ConocoPhillips has a 12 month low of $20.84 and a 12 month high of $67.13. The firm’s 50-day moving average price is $41.34 and its 200 day moving average price is $44.25.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, July 20th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, July 17th. This represents a $1.68 annualized dividend and a dividend yield of 4.49%. ConocoPhillips’s dividend payout ratio is currently 46.80%.
In related news, Director David Thomas Seaton purchased 2,400 shares of ConocoPhillips stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $41.03 per share, for a total transaction of $98,472.00. Following the completion of the transaction, the director now owns 2,500 shares in the company, valued at $102,575. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.
COP has been the subject of a number of recent research reports. Cfra lowered ConocoPhillips to a “hold” rating and set a $50.00 price objective for the company. in a report on Wednesday, June 10th. Susquehanna Bancshares upped their price target on ConocoPhillips from $40.00 to $50.00 in a report on Friday, May 1st. Raymond James raised their price objective on ConocoPhillips from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Scotiabank reduced their target price on shares of ConocoPhillips from $50.00 to $45.00 and set a “sector perform” rating for the company in a research note on Monday, July 13th. Finally, Wells Fargo & Co increased their target price on shares of ConocoPhillips from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.25.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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