DAVENPORT & Co LLC Purchases 9,253 Shares of ConocoPhillips $COP

DAVENPORT & Co LLC grew its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 11.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 90,352 shares of the energy producer's stock after purchasing an additional 9,253 shares during the quarter. DAVENPORT & Co LLC's holdings in ConocoPhillips were worth $8,124,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of COP. Charles Schwab Investment Management Inc. increased its position in shares of ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Nuveen LLC bought a new position in shares of ConocoPhillips during the 1st quarter valued at about $658,981,000. AQR Capital Management LLC increased its position in shares of ConocoPhillips by 190.5% during the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of ConocoPhillips by 53.8% during the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer's stock valued at $550,334,000 after purchasing an additional 1,834,118 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

COP has been the subject of several analyst reports. BMO Capital Markets increased their target price on ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Roth Capital restated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Morgan Stanley restated an "overweight" rating and set a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Melius initiated coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price for the company. Finally, Mizuho dropped their target price on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $117.23.

ConocoPhillips Price Performance

Shares of COP stock opened at $95.18 on Wednesday. The firm has a market cap of $118.87 billion, a P/E ratio of 12.78, a P/E/G ratio of 2.51 and a beta of 0.62. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38. The business's 50 day moving average price is $94.83 and its 200-day moving average price is $92.75. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $1.98 EPS. On average, equities research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

ConocoPhillips 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.

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