Palisade Asset Management LLC trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 1.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,796 shares of the energy producer’s stock after selling 200 shares during the quarter. Palisade Asset Management LLC’s holdings in ConocoPhillips were worth $1,388,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the business. Lenox Wealth Advisors LLC purchased a new position in shares of ConocoPhillips in the first quarter worth approximately $27,000. Smart Portfolios LLC grew its position in ConocoPhillips by 69.5% during the fourth quarter. Smart Portfolios LLC now owns 478 shares of the energy producer’s stock valued at $30,000 after purchasing an additional 196 shares in the last quarter. Athena Capital Advisors LLC purchased a new position in ConocoPhillips during the fourth quarter valued at approximately $32,000. Clarfeld Financial Advisors LLC purchased a new position in ConocoPhillips during the fourth quarter valued at approximately $32,000. Finally, Ironwood Financial llc grew its position in ConocoPhillips by 294.1% during the fourth quarter. Ironwood Financial llc now owns 536 shares of the energy producer’s stock valued at $33,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 73.59% of the company’s stock.
COP stock opened at $65.84 on Wednesday. The company has a quick ratio of 1.66, a current ratio of 1.79 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $75.26 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 2.32 and a beta of 1.11. ConocoPhillips has a 12 month low of $56.75 and a 12 month high of $80.24.
A number of research analysts recently commented on the stock. Societe Generale lowered their price objective on shares of ConocoPhillips from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, December 19th. Morgan Stanley set a $77.00 price objective on shares of ConocoPhillips and gave the company a “buy” rating in a research report on Tuesday, January 29th. Zacks Investment Research raised shares of ConocoPhillips from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Bank of America downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $75.00 price objective on the stock. in a research report on Friday, January 4th. Finally, Goldman Sachs Group raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $76.00 to $82.00 in a research report on Sunday, February 3rd. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. ConocoPhillips has a consensus rating of “Buy” and an average price target of $79.00.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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