Massachusetts Financial Services Co. MA Has $2.51 Billion Stock Holdings in ConocoPhillips (NYSE:COP)

Massachusetts Financial Services Co. MA lowered its stake in ConocoPhillips (NYSE:COP) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,295,437 shares of the energy producer’s stock after selling 1,312,447 shares during the period. ConocoPhillips accounts for 0.8% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 20th largest holding. Massachusetts Financial Services Co. MA’s holdings in ConocoPhillips were worth $2,508,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bridgewater Associates LP grew its position in ConocoPhillips by 58.9% during the 3rd quarter. Bridgewater Associates LP now owns 3,079 shares of the energy producer’s stock worth $324,000 after acquiring an additional 1,141 shares during the last quarter. Kestra Investment Management LLC bought a new stake in shares of ConocoPhillips during the third quarter worth about $403,000. Benjamin Edwards Inc. increased its stake in shares of ConocoPhillips by 489.8% in the third quarter. Benjamin Edwards Inc. now owns 26,711 shares of the energy producer’s stock valued at $2,814,000 after buying an additional 22,182 shares during the period. Hilltop Holdings Inc. raised its holdings in ConocoPhillips by 56.9% in the 3rd quarter. Hilltop Holdings Inc. now owns 22,908 shares of the energy producer’s stock valued at $2,412,000 after buying an additional 8,310 shares during the last quarter. Finally, Investment Management Corp of Ontario boosted its position in ConocoPhillips by 47.7% during the 3rd quarter. Investment Management Corp of Ontario now owns 38,710 shares of the energy producer’s stock worth $4,075,000 after buying an additional 12,500 shares during the period. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on COP shares. The Goldman Sachs Group set a $132.00 price target on shares of ConocoPhillips in a research report on Thursday, January 30th. Truist Financial raised their target price on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Evercore ISI reiterated an “outperform” rating and issued a $165.00 price target on shares of ConocoPhillips in a research report on Friday, December 6th. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $132.00 to $134.00 in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. reduced their target price on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $132.95.

ConocoPhillips Stock Up 0.3 %

NYSE:COP opened at $105.35 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The firm’s 50-day moving average price is $98.96 and its 200-day moving average price is $103.31. The company has a market capitalization of $134.05 billion, a PE ratio of 13.52, a P/E/G ratio of 0.79 and a beta of 1.12. ConocoPhillips has a 1-year low of $86.81 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. On average, equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, February 17th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is currently 40.05%.

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.