ConocoPhillips (NYSE:COP) Shares Bought by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC grew its position in ConocoPhillips (NYSE:COP) by 1.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 692,525 shares of the energy producer’s stock after acquiring an additional 10,539 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in ConocoPhillips were worth $72,909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Values First Advisors Inc. acquired a new stake in ConocoPhillips during the 3rd quarter worth $26,000. Stephens Consulting LLC boosted its stake in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after buying an additional 104 shares during the period. Reston Wealth Management LLC purchased a new position in shares of ConocoPhillips during the third quarter worth about $31,000. Truvestments Capital LLC acquired a new position in ConocoPhillips in the 3rd quarter valued at about $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the 2nd quarter valued at approximately $35,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Scotiabank dropped their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. Mizuho raised their target price on shares of ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. BMO Capital Markets boosted their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Finally, Truist Financial dropped their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $108.79 on Monday. The firm has a fifty day moving average of $108.77 and a 200-day moving average of $110.72. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The firm has a market capitalization of $125.21 billion, a P/E ratio of 12.88, a PEG ratio of 0.89 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company’s revenue was down 8.5% on a year-over-year basis. During the same period last year, the business posted $2.16 EPS. As a group, analysts predict that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.87%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

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.