Principle Wealth Partners LLC purchased a new position in shares of ConocoPhillips (NYSE:COP) in the 3rd quarter, Holdings Channel reports. The firm purchased 45,760 shares of the energy producer’s stock, valued at approximately $2,607,000. ConocoPhillips makes up approximately 0.9% of Principle Wealth Partners LLC’s portfolio, making the stock its 28th biggest holding.
Other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC boosted its holdings in shares of ConocoPhillips by 12,704.0% during the second quarter. Nuveen Asset Management LLC now owns 6,385,725 shares of the energy producer’s stock worth $389,529,000 after purchasing an additional 6,335,852 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ConocoPhillips by 4.0% during the second quarter. BlackRock Inc. now owns 79,994,496 shares of the energy producer’s stock worth $4,879,663,000 after purchasing an additional 3,103,095 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of ConocoPhillips by 36.4% during the second quarter. Wells Fargo & Company MN now owns 4,998,770 shares of the energy producer’s stock worth $304,924,000 after purchasing an additional 1,335,051 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of ConocoPhillips by 82.7% during the second quarter. Prudential Financial Inc. now owns 2,821,382 shares of the energy producer’s stock worth $172,104,000 after purchasing an additional 1,276,955 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of ConocoPhillips by 90.5% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 2,447,473 shares of the energy producer’s stock worth $149,297,000 after purchasing an additional 1,162,943 shares during the last quarter. 71.45% of the stock is owned by institutional investors.
Several equities research analysts have recently issued reports on COP shares. Bank of America upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Wednesday, July 17th. Goldman Sachs Group set a $67.00 target price on ConocoPhillips and gave the company a “buy” rating in a report on Friday, October 11th. Wells Fargo & Co reiterated a “buy” rating on shares of ConocoPhillips in a report on Tuesday, October 15th. UBS Group upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their target price for the company from $70.00 to $75.00 in a report on Monday, September 16th. Finally, Morgan Stanley reduced their target price on ConocoPhillips from $81.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. ConocoPhillips presently has a consensus rating of “Buy” and a consensus price target of $69.81.
ConocoPhillips stock traded down $0.38 during midday trading on Friday, reaching $59.16. The stock had a trading volume of 4,699,111 shares, compared to its average volume of 5,979,278. ConocoPhillips has a twelve month low of $50.13 and a twelve month high of $71.01. The stock has a market capitalization of $64.20 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.70 and a beta of 1.05. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.40 and a current ratio of 2.56. The stock’s 50-day simple moving average is $56.52 and its 200 day simple moving average is $58.08.
ConocoPhillips (NYSE:COP) last issued its earnings results on Tuesday, October 29th. The energy producer reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.04. The firm had revenue of $10.09 billion for the quarter, compared to analysts’ expectations of $7.06 billion. ConocoPhillips had a return on equity of 13.54% and a net margin of 21.44%. During the same quarter last year, the firm earned $1.36 earnings per share. Equities analysts predict that ConocoPhillips will post 3.62 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Wednesday, October 16th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.31. ConocoPhillips’s payout ratio is currently 37.09%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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