New Millennium Group LLC Has $40,000 Holdings in ConocoPhillips (NYSE:COP)

New Millennium Group LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 57.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 381 shares of the energy producer’s stock after selling 513 shares during the period. New Millennium Group LLC’s holdings in ConocoPhillips were worth $40,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. West Family Investments Inc. grew its position in ConocoPhillips by 8.9% during the third quarter. West Family Investments Inc. now owns 3,498 shares of the energy producer’s stock worth $368,000 after buying an additional 285 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of ConocoPhillips during the 3rd quarter worth $10,289,000. Banque Cantonale Vaudoise increased its position in shares of ConocoPhillips by 20.7% in the third quarter. Banque Cantonale Vaudoise now owns 9,332 shares of the energy producer’s stock worth $982,000 after purchasing an additional 1,598 shares during the period. SouthState Corp raised its stake in ConocoPhillips by 5.1% in the third quarter. SouthState Corp now owns 5,178 shares of the energy producer’s stock valued at $545,000 after purchasing an additional 250 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in ConocoPhillips by 15.5% during the third quarter. Fifth Third Wealth Advisors LLC now owns 26,447 shares of the energy producer’s stock worth $2,784,000 after purchasing an additional 3,541 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Down 0.4 %

NYSE:COP opened at $113.30 on Tuesday. The firm’s 50 day simple moving average is $108.17 and its 200 day simple moving average is $111.53. The company has a market cap of $130.40 billion, a PE ratio of 13.53, a P/E/G ratio of 0.92 and a beta of 1.21. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same period last year, the company earned $2.16 EPS. ConocoPhillips’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, research analysts anticipate that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a $0.78 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s payout ratio is currently 37.10%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. UBS Group decreased their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a research note on Friday, September 13th. Barclays lifted their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Finally, Truist Financial dropped their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $137.63.

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.