Massachusetts Financial Services Co. MA Sells 295,243 Shares of ConocoPhillips (NYSE:COP)

Massachusetts Financial Services Co. MA lowered its stake in ConocoPhillips (NYSE:COP) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,987,460 shares of the energy producer’s stock after selling 295,243 shares during the period. ConocoPhillips accounts for 0.9% of Massachusetts Financial Services Co. MA’s portfolio, making the stock its 15th largest position. Massachusetts Financial Services Co. MA owned 2.31% of ConocoPhillips worth $3,086,826,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in shares of ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after acquiring an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in ConocoPhillips by 512.8% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock worth $433,757,000 after purchasing an additional 3,127,165 shares during the last quarter. Capital International Investors lifted its position in ConocoPhillips by 9.6% during the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after purchasing an additional 1,856,085 shares during the period. Clearbridge Investments LLC boosted its stake in shares of ConocoPhillips by 46.0% in the 1st quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after purchasing an additional 1,015,158 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of ConocoPhillips by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock worth $1,907,542,000 after buying an additional 826,529 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of analyst reports. Raymond James reissued a “strong-buy” rating and issued a $159.00 price target (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Wolfe Research started coverage on ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price for the company. Sanford C. Bernstein cut their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Susquehanna cut their target price on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.24.

ConocoPhillips Stock Up 0.6 %

Shares of ConocoPhillips stock opened at $103.50 on Monday. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The business’s 50 day simple moving average is $110.16 and its 200 day simple moving average is $116.73. The firm has a market cap of $121.05 billion, a PE ratio of 11.72, a P/E/G ratio of 0.78 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.84 earnings per share. On average, analysts predict that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s payout ratio is 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by company insiders.

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.