Davis Capital Management Sells 158 Shares of ConocoPhillips (NYSE:COP)

by · The Cerbat Gem

Davis Capital Management trimmed its position in shares of ConocoPhillips (NYSE:COP – Free Report) by 26.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 448 shares of the energy producer’s stock after selling 158 shares during the period. Davis Capital Management’s holdings in ConocoPhillips were worth $47,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ConocoPhillips by 11.7% during the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer’s stock valued at $12,081,491,000 after buying an additional 12,751,120 shares during the period. Price T Rowe Associates Inc. MD raised its holdings 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 worth $4,546,706,000 after buying an additional 5,549,078 shares during the period. Capital International Investors lifted its stake in shares of ConocoPhillips by 4.9% during the 4th quarter. Capital International Investors now owns 31,287,113 shares of the energy producer’s stock worth $3,101,989,000 after acquiring an additional 1,473,027 shares during the last quarter. Geode Capital Management LLC boosted its holdings in ConocoPhillips by 13.7% during the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock valued at $2,792,521,000 after acquiring an additional 3,397,360 shares during the period. Finally, Invesco Ltd. grew its position in ConocoPhillips by 37.1% in the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock valued at $1,544,101,000 after acquiring an additional 4,211,939 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on COP shares. Morgan Stanley increased their target price on ConocoPhillips from $116.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Piper Sandler reduced their price target on shares of ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Susquehanna decreased their price objective on shares of ConocoPhillips from $120.00 to $114.00 and set a “positive” rating for the company in a report on Monday, May 12th. Scotiabank lowered their price objective on shares of ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating for the company in a research report on Friday, April 11th. Finally, Barclays dropped their target price on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $121.63.

Check Out Our Latest Analysis on ConocoPhillips

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $85.28 on Friday. The firm has a 50 day moving average of $89.11 and a 200 day moving average of $96.72. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $107.80 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40.

ConocoPhillips (NYSE:COP – Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. During the same period last year, the business posted $2.05 EPS. On average, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips’s payout ratio is currently 39.64%.

ConocoPhillips Company Profile

(Free Report)

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.

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