Van ECK Associates Corp Has $51.43 Million Stake in ConocoPhillips (NYSE:COP)

Van ECK Associates Corp decreased its stake in ConocoPhillips (NYSE:COP) by 0.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 844,459 shares of the energy producer’s stock after selling 5,036 shares during the period. Van ECK Associates Corp’s holdings in ConocoPhillips were worth $51,428,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in COP. Capital International Investors lifted its stake in ConocoPhillips by 26.8% in the first quarter. Capital International Investors now owns 80,245,103 shares of the energy producer’s stock valued at $4,250,693,000 after buying an additional 16,936,808 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of ConocoPhillips by 45.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,130,486 shares of the energy producer’s stock worth $1,066,312,000 after acquiring an additional 6,258,117 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of ConocoPhillips by 536.3% in the first quarter. Jennison Associates LLC now owns 5,307,791 shares of the energy producer’s stock worth $281,154,000 after acquiring an additional 4,473,671 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of ConocoPhillips by 24.3% in the first quarter. Geode Capital Management LLC now owns 20,292,498 shares of the energy producer’s stock worth $1,071,616,000 after acquiring an additional 3,965,622 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of ConocoPhillips by 24.0% in the first quarter. Northern Trust Corp now owns 16,150,825 shares of the energy producer’s stock worth $855,509,000 after acquiring an additional 3,120,766 shares in the last quarter. 78.47% of the stock is currently owned by hedge funds and other institutional investors.

Shares of COP opened at $56.94 on Wednesday. The company has a market capitalization of $76.25 billion, a PE ratio of 49.09, a PEG ratio of 1.56 and a beta of 1.77. ConocoPhillips has a 12 month low of $27.53 and a 12 month high of $63.57. The stock’s 50-day moving average price is $56.17 and its two-hundred day moving average price is $55.98. The company has a current ratio of 2.11, a quick ratio of 1.97 and a debt-to-equity ratio of 0.42.

ConocoPhillips (NYSE:COP) last announced its earnings results on Tuesday, August 3rd. The energy producer reported $1.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.17. The firm had revenue of $10.21 billion for the quarter, compared to the consensus estimate of $10.44 billion. ConocoPhillips had a return on equity of 5.64% and a net margin of 5.93%. During the same period in the previous year, the business earned ($0.92) EPS. Equities research analysts predict that ConocoPhillips will post 4.79 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Monday, July 26th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date was Friday, July 23rd. ConocoPhillips’s dividend payout ratio is -177.32%.

Several equities research analysts have issued reports on COP shares. Sanford C. Bernstein increased their price target on ConocoPhillips from $63.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, June 21st. Morgan Stanley lowered their price target on ConocoPhillips from $85.00 to $82.00 and set an “overweight” rating for the company in a report on Monday, August 23rd. Barclays increased their price target on ConocoPhillips from $63.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, June 3rd. Royal Bank of Canada increased their price target on ConocoPhillips from $73.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, July 1st. Finally, Piper Sandler increased their price objective on ConocoPhillips from $69.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, July 23rd. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $70.81.

In related news, Director Jody Freeman sold 3,334 shares of the company’s stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $59.65, for a total transaction of $198,873.10. Following the transaction, the director now directly owns 8,251 shares of the company’s stock, valued at approximately $492,172.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director R A. Walker purchased 18,000 shares of the company’s stock in a transaction that occurred on Monday, August 9th. The shares were purchased at an average cost of $55.50 per share, for a total transaction of $999,000.00. The disclosure for this purchase can be found here. 0.08% of the stock is owned by insiders.

About ConocoPhillips

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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