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

Brandywine Global Investment Management LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 34.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,218,322 shares of the energy producer’s stock after selling 649,829 shares during the quarter. ConocoPhillips makes up approximately 0.9% of Brandywine Global Investment Management LLC’s investment portfolio, making the stock its 24th largest holding. Brandywine Global Investment Management LLC’s holdings in ConocoPhillips were worth $120,821,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Orrstown Financial Services Inc. lifted its holdings in shares of ConocoPhillips by 3.0% during the 4th quarter. Orrstown Financial Services Inc. now owns 3,342 shares of the energy producer’s stock valued at $331,000 after buying an additional 96 shares during the period. Principle Wealth Partners LLC lifted its holdings in ConocoPhillips by 0.3% in the fourth quarter. Principle Wealth Partners LLC now owns 37,255 shares of the energy producer’s stock valued at $3,695,000 after acquiring an additional 100 shares during the period. Arlington Trust Co LLC boosted its position in ConocoPhillips by 1.2% in the fourth quarter. Arlington Trust Co LLC now owns 8,640 shares of the energy producer’s stock worth $857,000 after purchasing an additional 102 shares during the last quarter. Courier Capital LLC grew its stake in shares of ConocoPhillips by 0.5% during the 4th quarter. Courier Capital LLC now owns 20,481 shares of the energy producer’s stock valued at $2,031,000 after purchasing an additional 103 shares during the period. Finally, Gray Wealth Management Inc. lifted its stake in shares of ConocoPhillips by 5.0% in the 4th quarter. Gray Wealth Management Inc. now owns 2,171 shares of the energy producer’s stock worth $215,000 after purchasing an additional 104 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. TD Cowen started coverage on shares of ConocoPhillips in a research report on Friday, January 17th. They set a “buy” rating and a $125.00 price objective for the company. Barclays reduced their price target on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $157.00 to $124.00 in a research note on Monday, February 10th. JPMorgan Chase & Co. decreased their target price on shares of ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $165.00 price target on shares of ConocoPhillips in a research report on Friday, December 6th. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.95.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $102.37 on Friday. The firm has a market cap 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 business has a 50-day moving average price of $98.95 and a 200 day moving average price of $103.27. 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 has a twelve month low of $86.81 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data 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 return on equity of 17.26% and a net margin of 16.23%. Sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.05%. The ex-dividend date was Friday, February 14th. ConocoPhillips’s dividend payout ratio is currently 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.