Intech Investment Management LLC Sells 7,664 Shares of ConocoPhillips (NYSE:COP)

Intech Investment Management LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 10.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 64,910 shares of the energy producer’s stock after selling 7,664 shares during the quarter. Intech Investment Management LLC’s holdings in ConocoPhillips were worth $8,262,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. West Branch Capital LLC raised its position in shares of ConocoPhillips by 87.8% in the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 108 shares during the period. Cooksen Wealth LLC bought a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $27,000. Sachetta LLC bought a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $27,000. Richardson Capital Management LLC bought a new stake in shares of ConocoPhillips in the first quarter valued at approximately $31,000. Finally, Cape Investment Advisory Inc. raised its position in shares of ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares during the period. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on COP. Piper Sandler boosted their price target on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Bank of America reaffirmed a “buy” rating and set a $147.00 target price on shares of ConocoPhillips in a report on Friday, June 14th. Mizuho decreased their target price on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a report on Wednesday, June 5th. Truist Financial upped their target price on shares of ConocoPhillips from $160.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, June 3rd. Finally, Argus raised shares of ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $144.29.

ConocoPhillips Price Performance

Shares of NYSE:COP traded down $2.26 during trading on Friday, reaching $114.35. The company had a trading volume of 7,559,145 shares, compared to its average volume of 5,780,529. ConocoPhillips has a 12 month low of $105.77 and a 12 month high of $135.18. The stock has a market capitalization of $133.74 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 2.06 and a beta of 1.23. The company has a fifty day moving average of $114.73 and a two-hundred day moving average of $117.33. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company had revenue of $14.48 billion during the quarter, compared to analysts’ expectations of $14.72 billion. Equities research analysts forecast that ConocoPhillips will post 8.81 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were paid a $0.78 dividend. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.73%. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

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.