Cheviot Value Management LLC acquired a new stake in shares of ConocoPhillips (NYSE:COP – Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 93,148 shares of the energy producer’s stock, valued at approximately $10,654,000. ConocoPhillips makes up 2.1% of Cheviot Value Management LLC’s investment portfolio, making the stock its 17th biggest position.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors raised its position in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after acquiring an additional 1,856,085 shares in the last quarter. Bank of New York Mellon Corp raised its position in ConocoPhillips by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after acquiring an additional 826,529 shares in the last quarter. Fisher Asset Management LLC raised its position in ConocoPhillips by 2.7% in the fourth quarter. Fisher Asset Management LLC now owns 7,412,753 shares of the energy producer’s stock worth $860,398,000 after acquiring an additional 191,519 shares in the last quarter. Finally, Putnam Investments LLC raised its position in ConocoPhillips by 3.6% in the fourth quarter. Putnam Investments LLC now owns 6,079,041 shares of the energy producer’s stock worth $705,594,000 after acquiring an additional 211,257 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.
ConocoPhillips Stock Down 0.2 %
Shares of ConocoPhillips stock opened at $109.69 on Tuesday. The firm has a market cap of $127.38 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 0.80 and a beta of 1.22. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The stock has a 50-day simple moving average of $109.66 and a 200-day simple moving average of $116.58.
ConocoPhillips Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a $0.58 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.12%. ConocoPhillips’s dividend payout ratio (DPR) is currently 26.27%.
Insider Activity
In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on COP shares. Sanford C. Bernstein dropped their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Truist Financial dropped their price target on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. StockNews.com cut ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Wolfe Research began coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target on the stock. Finally, Mizuho dropped their price target on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.29.
View Our Latest Stock Report on COP
About ConocoPhillips
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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