Allspring Global Investments Holdings LLC Purchases 46,091 Shares of ConocoPhillips $COP

Allspring Global Investments Holdings LLC grew its position in ConocoPhillips (NYSE:COP) by 8.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 591,022 shares of the energy producer’s stock after acquiring an additional 46,091 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ConocoPhillips were worth $75,875,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in ConocoPhillips by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock valued at $11,256,713,000 after buying an additional 408,304 shares in the last quarter. Capital International Investors increased its holdings in ConocoPhillips by 5.9% during the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after purchasing an additional 2,714,663 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of ConocoPhillips by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after purchasing an additional 2,350,645 shares during the period. Franklin Resources Inc. raised its stake in shares of ConocoPhillips by 4.5% in the 4th quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock valued at $1,407,770,000 after purchasing an additional 648,432 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of ConocoPhillips by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock valued at $1,389,862,000 after purchasing an additional 193,401 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

More ConocoPhillips News

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips agreed to acquire a 42% stake in BP’s Iraq venture, increasing its exposure to the Kirkuk oilfields and more than 3 billion barrels of recoverable resources. Reuters article
• Positive Sentiment: The company’s Iraq agreement is part of a broader wave of U.S. corporate commitments to support Iraqi energy development, which may signal additional international growth potential. Financial Post article
• Positive Sentiment: Energy shares were broadly stronger, helping support ConocoPhillips alongside a sector-wide move higher. Yahoo Finance article
• Neutral Sentiment: Several reports noted that COP tends to move with crude oil prices, so commodity trends remain an important near-term driver for the stock. Kalkine Media article

ConocoPhillips Stock Performance

COP opened at $114.70 on Friday. The business has a fifty day simple moving average of $113.48 and a 200 day simple moving average of $113.37. The company has a market capitalization of $139.74 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.36 and a beta of 0.12. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter in the previous year, the business posted $2.09 earnings per share. ConocoPhillips’s quarterly revenue was down 6.1% on a year-over-year basis. Research analysts expect that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s dividend payout ratio is presently 57.05%.

Analysts Set New Price Targets

A number of research firms recently issued reports on COP. Susquehanna increased their price objective on ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Capital One Financial cut their target price on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research note on Monday, May 18th. Freedom Capital downgraded ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 6th. Mizuho lowered their price objective on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Finally, Raymond James Financial cut their price objective on shares of ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a research report on Monday, June 1st. Eighteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $134.04.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.