Massachusetts Financial Services Co. MA Sells 427,649 Shares of ConocoPhillips (NYSE:COP)

Massachusetts Financial Services Co. MA cut its holdings in ConocoPhillips (NYSE:COP - Free Report) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,867,788 shares of the energy producer's stock after selling 427,649 shares during the quarter. ConocoPhillips accounts for approximately 0.9% of Massachusetts Financial Services Co. MA's holdings, making the stock its 18th largest position. Massachusetts Financial Services Co. MA owned approximately 1.97% of ConocoPhillips worth $2,611,615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Murphy & Mullick Capital Management Corp purchased a new stake in ConocoPhillips during the 4th quarter valued at $26,000. 10Elms LLP purchased a new stake in ConocoPhillips during the 4th quarter valued at $28,000. Crowley Wealth Management Inc. purchased a new stake in ConocoPhillips during the 4th quarter valued at $32,000. Garde Capital Inc. purchased a new stake in ConocoPhillips during the 1st quarter valued at $35,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in ConocoPhillips during the 4th quarter valued at $39,000. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of recent research reports. Barclays decreased their target price on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. UBS Group upped their price target on ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Bank of America reduced their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Mizuho reduced their price target on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Citigroup reduced their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, ConocoPhillips currently has an average rating of "Moderate Buy" and a consensus target price of $122.70.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded up $0.66 during trading on Thursday, reaching $92.17. 1,903,849 shares of the stock traded hands, compared to its average volume of 7,623,124. The company has a market capitalization of $116.52 billion, a price-to-earnings ratio of 11.72, a P/E/G ratio of 2.52 and a beta of 0.61. The business has a fifty day simple moving average of $90.89 and a two-hundred day simple moving average of $94.68. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. The firm had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter last year, the business posted $2.05 earnings per share. Sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.38%. ConocoPhillips's payout ratio is 39.64%.

Insider Buying and Selling at ConocoPhillips

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.24% of the stock is currently owned by insiders.

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.