Massachusetts Financial Services Co. MA Cuts Stock Holdings in ConocoPhillips $COP

Massachusetts Financial Services Co. MA lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 5.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 23,474,701 shares of the energy producer’s stock after selling 1,393,087 shares during the period. Massachusetts Financial Services Co. MA’s holdings in ConocoPhillips were worth $2,106,620,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of COP. Bogart Wealth LLC increased its stake in shares of ConocoPhillips by 136.8% during the 2nd quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after purchasing an additional 182 shares in the last quarter. Activest Wealth Management raised its holdings in shares of ConocoPhillips by 249.5% in the second quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after acquiring an additional 232 shares during the last quarter. Financial Network Wealth Advisors LLC lifted its position in shares of ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC acquired a new stake in shares of ConocoPhillips during the first quarter valued at $31,000. Finally, IMA Advisory Services Inc. purchased a new stake in ConocoPhillips during the 1st quarter worth about $37,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

COP opened at $91.44 on Friday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The firm has a market cap of $112.99 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 2.36 and a beta of 0.58. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $90.93 and a 200 day simple moving average of $91.93.

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

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, November 17th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.7%. ConocoPhillips’s dividend payout ratio is 47.52%.

Insider Buying and Selling at ConocoPhillips

In related news, Director William H. Mcraven purchased 5,768 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the purchase, the director owned 5,768 shares in the company, valued at approximately $499,970.24. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group cut their price objective on shares of ConocoPhillips from $129.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Susquehanna reduced their price target on ConocoPhillips to $113.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. Piper Sandler lowered their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday, October 13th. JPMorgan Chase & Co. reduced their target price on ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating on the stock in a research report on Friday, November 7th. Finally, Wall Street Zen raised ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Eighteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.33.

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.