Palisade Asset Management LLC Cuts Stock Holdings in ConocoPhillips (NYSE:COP)

Palisade Asset Management LLC decreased its position in ConocoPhillips (NYSE:COP) by 1.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,542 shares of the energy producer’s stock after selling 180 shares during the quarter. Palisade Asset Management LLC’s holdings in ConocoPhillips were worth $1,320,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter worth approximately $3,421,000. Canopy Partners LLC boosted its position in ConocoPhillips by 12.9% in the third quarter. Canopy Partners LLC now owns 7,500 shares of the energy producer’s stock worth $790,000 after purchasing an additional 859 shares during the last quarter. Cerity Partners LLC grew its stake in ConocoPhillips by 20.5% in the 3rd quarter. Cerity Partners LLC now owns 267,329 shares of the energy producer’s stock valued at $28,144,000 after purchasing an additional 45,542 shares during the period. Great Valley Advisor Group Inc. increased its position in shares of ConocoPhillips by 12.4% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 88,048 shares of the energy producer’s stock valued at $9,269,000 after purchasing an additional 9,690 shares during the last quarter. Finally, Nicolet Advisory Services LLC raised its stake in shares of ConocoPhillips by 5.9% during the 3rd quarter. Nicolet Advisory Services LLC now owns 8,363 shares of the energy producer’s stock worth $940,000 after purchasing an additional 468 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Down 0.1 %

Shares of NYSE COP opened at $111.75 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average of $108.91 and a 200-day moving average of $111.40. The firm has a market capitalization of $128.61 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.91 and a beta of 1.21. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same period in the previous year, the firm posted $2.16 EPS. The firm’s revenue was down 8.5% compared to the same quarter last year. Sell-side analysts expect that ConocoPhillips will post 7.8 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a dividend yield of 2.79%. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Truist Financial decreased their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 price objective (down previously from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a report on Friday, September 13th. Finally, Mizuho upped their price target on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, ConocoPhillips currently has an average 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.