Nuveen Asset Management LLC Has $665.15 Million Stock Position in ConocoPhillips (NYSE:COP)

Nuveen Asset Management LLC lessened its stake in shares of ConocoPhillips (NYSE:COP) by 8.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 6,707,136 shares of the energy producer’s stock after selling 587,134 shares during the period. Nuveen Asset Management LLC’s holdings in ConocoPhillips were worth $665,147,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of COP. Price T Rowe Associates Inc. MD grew its stake in shares of ConocoPhillips by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock valued at $4,546,706,000 after buying an additional 5,549,078 shares in the last quarter. Leavell Investment Management Inc. lifted its stake in ConocoPhillips by 59.8% in the fourth quarter. Leavell Investment Management Inc. now owns 19,166 shares of the energy producer’s stock valued at $1,901,000 after acquiring an additional 7,174 shares during the last quarter. Brookstone Capital Management grew its position in shares of ConocoPhillips by 4.5% in the 4th quarter. Brookstone Capital Management now owns 8,855 shares of the energy producer’s stock valued at $878,000 after acquiring an additional 383 shares during the period. Heck Capital Advisors LLC acquired a new position in shares of ConocoPhillips during the 4th quarter worth about $1,767,000. Finally, Asset Management One Co. Ltd. raised its holdings in shares of ConocoPhillips by 11.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 519,371 shares of the energy producer’s stock valued at $50,345,000 after purchasing an additional 54,196 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on COP. TD Cowen initiated coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They issued a “buy” rating and a $125.00 target price for the company. Barclays cut their price objective on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. UBS Group decreased their target price on ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Piper Sandler dropped their price target on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company cut their price target on ConocoPhillips from $131.00 to $116.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Three 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 stock. According to MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and a consensus price target of $122.89.

ConocoPhillips Trading Up 2.1%

Shares of NYSE:COP opened at $94.19 on Wednesday. The business’s 50 day simple moving average is $93.25 and its 200 day simple moving average is $99.24. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $122.17. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The company has a market capitalization of $119.07 billion, a P/E ratio of 12.09, a P/E/G ratio of 0.79 and a beta of 0.64.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. The company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same period in the prior year, the firm posted $2.05 EPS. On average, research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.31%. ConocoPhillips’s payout ratio is 39.64%.

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.