Payden & Rygel Cuts Stock Position in ConocoPhillips (NYSE:COP)

Payden & Rygel cut its holdings in shares of ConocoPhillips (NYSE:COP) by 97.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,400 shares of the energy producer’s stock after selling 105,300 shares during the quarter. Payden & Rygel’s holdings in ConocoPhillips were worth $253,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in COP. Values First Advisors Inc. purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $26,000. Stephens Consulting LLC lifted 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 worth $29,000 after buying an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new position in shares of ConocoPhillips during the third quarter worth $31,000. Y.D. More Investments Ltd purchased a new position in ConocoPhillips during the second quarter valued at $35,000. Finally, Fairway Wealth LLC increased its holdings 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 acquiring an additional 153 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the subject of a number of research analyst reports. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Scotiabank dropped their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 price objective (down previously from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. UBS Group decreased their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, BMO Capital Markets raised their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Trading Up 0.3 %

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

ConocoPhillips (NYSE:COP) last released its 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. The business had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.16 earnings per share. On average, equities analysts forecast that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

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

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.