Geode Capital Management LLC Has $2.50 Billion Stake in ConocoPhillips $COP

Geode Capital Management LLC reduced its holdings in ConocoPhillips (NYSE:COP) by 0.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,968,333 shares of the energy producer’s stock after selling 49,293 shares during the period. Geode Capital Management LLC’s holdings in ConocoPhillips were worth $2,497,798,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its stake in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares during the period. Wellington Management Group LLP increased its stake in shares of ConocoPhillips by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after acquiring an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after acquiring an additional 2,080,625 shares during the period. Ameriprise Financial Inc. boosted its stake in ConocoPhillips by 15.1% during the 1st quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock worth $861,490,000 after acquiring an additional 1,073,906 shares during the last quarter. Finally, Boston Partners grew its holdings in ConocoPhillips by 3.8% during the second quarter. Boston Partners now owns 6,411,539 shares of the energy producer’s stock valued at $576,332,000 after purchasing an additional 232,117 shares during the period. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Up 2.8%

Shares of NYSE:COP opened at $90.66 on Wednesday. The company’s 50-day moving average price is $91.20 and its two-hundred day moving average price is $91.98. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a market capitalization of $113.23 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $15.03 billion for the quarter, compared to the consensus estimate of $14.51 billion. During the same quarter in the previous year, the business earned $1.78 earnings per share. ConocoPhillips’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a $0.84 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. ConocoPhillips’s dividend payout ratio (DPR) is 47.52%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on COP. Morgan Stanley reduced their price target on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Melius Research started coverage on ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target on the stock. Mizuho decreased their price objective on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Raymond James Financial dropped their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, September 8th. Finally, The Goldman Sachs Group reduced their price target on shares of ConocoPhillips from $111.00 to $108.00 and set a “buy” rating for the company in a report on Friday, October 17th. Eighteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.54.

Insiders Place Their Bets

In other news, Director William H. Mcraven purchased 5,768 shares of the company’s stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $86.68 per share, with a total value of $499,970.24. Following the completion of the transaction, the director owned 5,768 shares of the company’s stock, valued at $499,970.24. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.24% of the company’s stock.

About ConocoPhillips

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.