Summit Global Investments Has $1.10 Million Position in ConocoPhillips (NYSE:COP)

Summit Global Investments lifted its stake in ConocoPhillips (NYSE:COP) by 150.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,473 shares of the energy producer’s stock after acquiring an additional 6,290 shares during the period. Summit Global Investments’ holdings in ConocoPhillips were worth $1,103,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in COP. Price T Rowe Associates Inc. MD grew its holdings in shares of ConocoPhillips by 35.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares in the last quarter. Capital International Investors increased its holdings in ConocoPhillips by 9.6% in the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after buying an additional 1,856,085 shares during the period. International Assets Investment Management LLC increased its holdings in ConocoPhillips by 10,634.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,205,666 shares of the energy producer’s stock valued at $126,933,000 after buying an additional 1,194,434 shares during the period. Clearbridge Investments LLC raised its stake in shares of ConocoPhillips by 46.0% in the 1st quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after buying an additional 1,015,158 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of ConocoPhillips by 34.7% during the 1st quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock worth $351,602,000 after acquiring an additional 712,062 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Stock Down 0.0 %

NYSE:COP opened at $111.59 on Friday. The company has a market cap of $128.43 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 0.93 and a beta of 1.21. 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 fifty day moving average price is $107.73 and its two-hundred day moving average price is $112.40. 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 (EPS) for the quarter, beating the consensus estimate 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 firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.16 earnings per share. On average, analysts anticipate that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given a dividend of $0.78 per share. This is a boost 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 dividend yield of 2.80%. ConocoPhillips’s payout ratio is currently 27.59%.

Insider Buying and Selling

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on COP shares. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Mizuho increased their target price on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Truist Financial decreased their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Barclays increased their price objective on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Finally, StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Six investment 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $137.47.

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.