Summit Global Investments Sells 1,818 Shares of ConocoPhillips (NYSE:COP)

Summit Global Investments cut its position in shares of ConocoPhillips (NYSE:COP) by 17.4% during the 4th quarter, HoldingsChannel reports. The firm owned 8,655 shares of the energy producer’s stock after selling 1,818 shares during the period. Summit Global Investments’ holdings in ConocoPhillips were worth $858,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its holdings in ConocoPhillips by 19.0% in the third quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares in the last quarter. Wellington Management Group LLP boosted its holdings in ConocoPhillips by 20.2% in the third quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock worth $3,280,725,000 after acquiring an additional 5,240,016 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in ConocoPhillips by 59.7% in the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock worth $1,311,369,000 after acquiring an additional 4,656,040 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in ConocoPhillips by 401.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer’s stock worth $438,690,000 after acquiring an additional 3,541,504 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in ConocoPhillips in the fourth quarter worth $232,859,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Down 0.3 %

ConocoPhillips stock opened at $102.05 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. The stock has a fifty day moving average of $99.21 and a 200 day moving average of $103.37. The stock has a market cap of $129.84 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 0.79 and a beta of 1.12. ConocoPhillips has a one year low of $86.81 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, topping 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%. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, February 17th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, February 14th. ConocoPhillips’s payout ratio is 40.05%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Mizuho raised ConocoPhillips from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $132.00 to $134.00 in a report on Monday, December 16th. TD Cowen assumed coverage on ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 target price on the stock. The Goldman Sachs Group set a $132.00 target price on ConocoPhillips in a report on Thursday, January 30th. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and lowered their price target for the company from $157.00 to $124.00 in a report on Monday, February 10th. Finally, Morgan Stanley assumed coverage on ConocoPhillips in a report on Monday, December 16th. They set an “overweight” rating and a $128.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $133.05.

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.