Massachusetts Financial Services Co. MA Decreases Holdings in ConocoPhillips (NYSE:COP)

Massachusetts Financial Services Co. MA cut its stake in ConocoPhillips (NYSE:COP) by 1.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 26,607,884 shares of the energy producer’s stock after selling 379,576 shares during the quarter. ConocoPhillips accounts for about 0.8% of Massachusetts Financial Services Co. MA’s portfolio, making the stock its 18th largest position. Massachusetts Financial Services Co. MA’s holdings in ConocoPhillips were worth $2,801,278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of COP. Values First Advisors Inc. acquired a new position in ConocoPhillips during the 3rd quarter worth approximately $26,000. Stephens Consulting LLC raised its stake in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares during the period. Reston Wealth Management LLC acquired a new position in shares of ConocoPhillips during the third quarter worth $31,000. Y.D. More Investments Ltd purchased a new position in shares of ConocoPhillips in the second quarter valued at $35,000. Finally, Fairway Wealth LLC grew its holdings in ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after purchasing an additional 153 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

COP stock opened at $113.43 on Thursday. The company has a market capitalization of $130.55 billion, a P/E ratio of 13.49, a PEG ratio of 0.92 and a beta of 1.21. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a 50-day simple moving average of $108.57 and a 200 day simple moving average of $111.48. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 17.29% and a return on equity of 19.53%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the business earned $2.16 earnings per share. Sell-side analysts predict that ConocoPhillips will post 7.8 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.75%. ConocoPhillips’s dividend payout ratio is currently 37.10%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on COP. UBS Group reduced their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Truist Financial reduced their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Scotiabank reduced their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Finally, BMO Capital Markets boosted their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.63.

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.