Gamco Investors INC. ET AL Cuts Holdings in ConocoPhillips (NYSE:COP)

Gamco Investors INC. ET AL lessened its stake in ConocoPhillips (NYSE:COP) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,619 shares of the energy producer’s stock after selling 1,200 shares during the period. Gamco Investors INC. ET AL’s holdings in ConocoPhillips were worth $1,517,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in COP. Nuveen Asset Management LLC grew its stake in ConocoPhillips by 12,704.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,385,725 shares of the energy producer’s stock worth $389,529,000 after buying an additional 6,335,852 shares in the last quarter. BlackRock Inc. grew its stake in ConocoPhillips by 4.0% in the 2nd quarter. BlackRock Inc. now owns 79,994,496 shares of the energy producer’s stock worth $4,879,663,000 after buying an additional 3,103,095 shares in the last quarter. Wells Fargo & Company MN grew its stake in ConocoPhillips by 36.4% in the 2nd quarter. Wells Fargo & Company MN now owns 4,998,770 shares of the energy producer’s stock worth $304,924,000 after buying an additional 1,335,051 shares in the last quarter. Prudential Financial Inc. grew its stake in ConocoPhillips by 82.7% in the 2nd quarter. Prudential Financial Inc. now owns 2,821,382 shares of the energy producer’s stock worth $172,104,000 after buying an additional 1,276,955 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its stake in ConocoPhillips by 90.5% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 2,447,473 shares of the energy producer’s stock worth $149,297,000 after buying an additional 1,162,943 shares in the last quarter. 71.45% of the stock is owned by institutional investors and hedge funds.

A number of research firms have commented on COP. Deutsche Bank reissued a “buy” rating and issued a $68.00 price target on shares of ConocoPhillips in a research note on Tuesday, November 5th. Bank of America raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Wednesday, July 17th. Wells Fargo & Co reissued a “buy” rating on shares of ConocoPhillips in a research note on Tuesday, October 15th. Baader Bank reissued a “neutral” rating and issued a $52.00 price target on shares of ConocoPhillips in a research note on Tuesday, October 29th. Finally, HSBC reissued a “neutral” rating and issued a $59.00 price target on shares of ConocoPhillips in a research note on Tuesday, November 5th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $69.81.

Shares of ConocoPhillips stock traded down $0.38 during trading on Friday, reaching $59.16. The company’s stock had a trading volume of 4,699,111 shares, compared to its average volume of 5,979,278. ConocoPhillips has a 52-week low of $50.13 and a 52-week high of $71.01. The company has a market cap of $64.20 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.70 and a beta of 1.05. The firm’s 50-day moving average is $56.52 and its two-hundred day moving average is $58.08. The company has a quick ratio of 2.40, a current ratio of 2.56 and a debt-to-equity ratio of 0.42.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Tuesday, October 29th. The energy producer reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.04. ConocoPhillips had a net margin of 21.44% and a return on equity of 13.54%. The company had revenue of $10.09 billion during the quarter, compared to analysts’ expectations of $7.06 billion. During the same quarter in the prior year, the company earned $1.36 EPS. On average, equities research analysts anticipate that ConocoPhillips will post 3.62 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, October 17th will be paid a $0.42 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, October 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.84%. ConocoPhillips’s dividend payout ratio is 37.09%.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

Further Reading: Why do companies issue stock splits?

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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