New England Asset Management Inc. Has $1.26 Million Stock Position in ConocoPhillips (NYSE:COP)

New England Asset Management Inc. cut its stake in ConocoPhillips (NYSE:COP) by 22.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the energy producer’s stock after selling 3,400 shares during the quarter. New England Asset Management Inc.’s holdings in ConocoPhillips were worth $1,263,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. OneAscent Wealth Management LLC increased its stake in ConocoPhillips by 22.7% during the 3rd quarter. OneAscent Wealth Management LLC now owns 3,694 shares of the energy producer’s stock worth $389,000 after purchasing an additional 683 shares in the last quarter. Cassaday & Co Wealth Management LLC boosted its holdings in shares of ConocoPhillips by 6.3% in the 3rd quarter. Cassaday & Co Wealth Management LLC now owns 4,328 shares of the energy producer’s stock valued at $456,000 after buying an additional 255 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in shares of ConocoPhillips by 3.2% in the 3rd quarter. Drive Wealth Management LLC now owns 15,455 shares of the energy producer’s stock valued at $1,627,000 after buying an additional 475 shares during the last quarter. Strengthening Families & Communities LLC lifted its holdings in ConocoPhillips by 11.2% during the 3rd quarter. Strengthening Families & Communities LLC now owns 16,403 shares of the energy producer’s stock valued at $1,727,000 after purchasing an additional 1,655 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in ConocoPhillips by 0.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,210,124 shares of the energy producer’s stock valued at $127,402,000 after purchasing an additional 3,877 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on COP shares. UBS Group lowered their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Truist Financial reduced their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. BMO Capital Markets lifted their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Susquehanna lifted their price target on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Stock Performance

COP stock opened at $113.76 on Tuesday. The company has a market cap of $130.93 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock’s fifty day moving average price is $108.17 and its 200-day moving average price is $111.53.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.16 earnings per share. On average, equities analysts forecast that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be given a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.74%. ConocoPhillips’s payout ratio is 37.10%.

ConocoPhillips 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.