Letko Brosseau & Associates Inc. Has $47.87 Million Stock Holdings in ConocoPhillips (NYSE:COP)

Letko Brosseau & Associates Inc. lessened its stake in shares of ConocoPhillips (NYSE:COPFree Report) by 0.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 462,032 shares of the energy producer’s stock after selling 2,345 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in ConocoPhillips were worth $47,871,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich raised its stake in ConocoPhillips by 97,756.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,354,810,556 shares of the energy producer’s stock worth $140,371,922,000 after purchasing an additional 1,353,426,064 shares in the last quarter. Wellington Management Group LLP raised its stake in ConocoPhillips by 2.6% in the 1st quarter. Wellington Management Group LLP now owns 44,731,153 shares of the energy producer’s stock worth $4,437,778,000 after purchasing an additional 1,138,607 shares in the last quarter. Morgan Stanley raised its stake in ConocoPhillips by 26.6% in the 4th quarter. Morgan Stanley now owns 16,647,723 shares of the energy producer’s stock worth $1,964,432,000 after purchasing an additional 3,497,750 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in ConocoPhillips by 98,832.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 8,584,373 shares of the energy producer’s stock worth $1,012,956,000 after purchasing an additional 8,575,696 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in ConocoPhillips by 2.1% in the 2nd quarter. Fisher Asset Management LLC now owns 7,168,823 shares of the energy producer’s stock worth $742,865,000 after purchasing an additional 146,064 shares in the last quarter. Institutional investors and hedge funds own 80.36% of the company’s stock.

ConocoPhillips Trading Up 1.2 %

NYSE:COP traded up $1.33 during mid-day trading on Monday, hitting $115.92. 1,230,477 shares of the company’s stock were exchanged, compared to its average volume of 5,680,458. The company has a 50 day simple moving average of $119.68 and a 200-day simple moving average of $112.53. The company has a current ratio of 1.66, a quick ratio of 1.53 and a debt-to-equity ratio of 0.38. ConocoPhillips has a fifty-two week low of $91.53 and a fifty-two week high of $130.55. The firm has a market capitalization of $137.64 billion, a P/E ratio of 12.52, a PEG ratio of 0.68 and a beta of 1.28.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, November 13th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.51. This represents a $2.32 annualized dividend and a yield of 2.00%. ConocoPhillips’s dividend payout ratio (DPR) is currently 25.36%.

Insider Buying and Selling

In other news, Director Timothy A. Leach sold 44,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $114.64, for a total value of $5,044,160.00. Following the transaction, the director now owns 578,748 shares in the company, valued at approximately $66,347,670.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Timothy A. Leach sold 44,000 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $114.64, for a total transaction of $5,044,160.00. Following the transaction, the director now owns 578,748 shares in the company, valued at approximately $66,347,670.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ryan Michael Lance sold 569,400 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the transaction, the chief executive officer now owns 18,187 shares in the company, valued at approximately $2,221,360.18. The disclosure for this sale can be found here. Insiders have sold a total of 646,049 shares of company stock worth $78,636,116 in the last ninety days. Company insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on COP shares. Johnson Rice started coverage on shares of ConocoPhillips in a research note on Tuesday, November 14th. They issued an “accumulate” rating and a $135.00 price objective for the company. Bank of America raised their target price on shares of ConocoPhillips from $145.00 to $150.00 in a report on Wednesday, September 27th. Raymond James decreased their target price on shares of ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating on the stock in a report on Monday, July 24th. Truist Financial raised their target price on shares of ConocoPhillips from $151.00 to $160.00 and gave the company a “buy” rating in a report on Monday, September 18th. Finally, StockNews.com initiated coverage on shares of ConocoPhillips in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus target price of $136.35.

View Our Latest Stock Analysis on ConocoPhillips

ConocoPhillips Profile

(Free Report)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States and internationally. The company's 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 global exploration prospects.

Further Reading

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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