Brandywine Global Investment Management LLC Sells 649,829 Shares of ConocoPhillips (NYSE:COP)

Brandywine Global Investment Management LLC cut its position in ConocoPhillips (NYSE:COP) by 34.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,218,322 shares of the energy producer’s stock after selling 649,829 shares during the quarter. ConocoPhillips comprises approximately 0.9% of Brandywine Global Investment Management LLC’s holdings, making the stock its 24th biggest position. Brandywine Global Investment Management LLC owned approximately 0.11% of ConocoPhillips worth $120,821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in COP. IPG Investment Advisors LLC acquired a new position in shares of ConocoPhillips in the fourth quarter valued at about $275,000. California Public Employees Retirement System raised its position in shares of ConocoPhillips by 11.7% in the 4th quarter. California Public Employees Retirement System now owns 2,320,129 shares of the energy producer’s stock valued at $230,087,000 after buying an additional 243,100 shares in the last quarter. SCP Investment LP lifted its stake in ConocoPhillips by 78.8% during the fourth quarter. SCP Investment LP now owns 37,668 shares of the energy producer’s stock worth $3,736,000 after purchasing an additional 16,600 shares during the last quarter. RWA Wealth Partners LLC lifted its position in shares of ConocoPhillips by 33.5% during the 4th quarter. RWA Wealth Partners LLC now owns 9,703 shares of the energy producer’s stock worth $962,000 after buying an additional 2,436 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of ConocoPhillips in the fourth quarter worth about $13,198,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on COP. Morgan Stanley cut their price objective on ConocoPhillips from $131.00 to $126.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company decreased their price target on shares of ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Truist Financial lifted their price target on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Evercore ISI restated an “outperform” rating and issued a $165.00 price objective on shares of ConocoPhillips in a report on Friday, December 6th. Finally, Raymond James lowered ConocoPhillips from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $157.00 to $124.00 in a research report on Monday, February 10th. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $132.95.

ConocoPhillips Stock Down 0.4 %

COP stock opened at $102.37 on Friday. The stock’s 50 day moving average is $98.95 and its 200-day moving average is $103.27. ConocoPhillips has a twelve month low of $86.81 and a twelve month high of $135.18. The firm has a market capitalization of $130.26 billion, a PE ratio of 13.14, a P/E/G ratio of 0.79 and a beta of 1.12. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. Sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, February 14th. ConocoPhillips’s payout ratio is 40.05%.

ConocoPhillips Company Profile

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.