Massachusetts Financial Services Co. MA Reduces Holdings in ConocoPhillips (NYSE:COP)

Massachusetts Financial Services Co. MA cut its stake in ConocoPhillips (NYSE:COP) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,607,884 shares of the energy producer’s stock after selling 379,576 shares during the period. ConocoPhillips comprises approximately 0.8% of Massachusetts Financial Services Co. MA’s portfolio, making the stock its 18th largest position. Massachusetts Financial Services Co. MA owned approximately 2.31% of ConocoPhillips worth $2,801,278,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Values First Advisors Inc. acquired a new stake in shares of ConocoPhillips in the 3rd quarter valued at about $26,000. Stephens Consulting LLC boosted its holdings 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 acquiring an additional 104 shares during the period. Reston Wealth Management LLC purchased a new position in shares of ConocoPhillips during the third quarter worth approximately $31,000. Y.D. More Investments Ltd acquired a new position in shares of ConocoPhillips in the 2nd quarter valued at $35,000. Finally, Fairway Wealth LLC raised its position in ConocoPhillips by 95.6% in the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after purchasing an additional 153 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Susquehanna raised their price objective 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. Truist Financial decreased their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Finally, Mizuho boosted their target price on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips Trading Up 0.3 %

ConocoPhillips stock opened at $113.43 on Thursday. The stock has a market cap of $130.55 billion, a PE ratio of 13.49, a P/E/G ratio of 0.92 and a beta of 1.21. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock has a 50-day moving average price of $108.57 and a 200 day moving average price of $111.48. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping 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 company had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter in the prior year, the company posted $2.16 EPS. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities research analysts predict that ConocoPhillips will post 7.8 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be given a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.75%. ConocoPhillips’s dividend payout ratio is 37.10%.

ConocoPhillips Company 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.