1832 Asset Management L.P. Reduces Stock Holdings in ConocoPhillips $COP

Key Points

• 1832 Asset Management L.P. reduced its holdings in ConocoPhillips by 15.2%, owning 16,939 shares valued at approximately $1.78 million.
• Other large investors, such as Charles Schwab Investment Management and Goldman Sachs Group, increased their stakes significantly during the same period, indicating ongoing institutional interest in ConocoPhillips.
• ConocoPhillips declared a quarterly dividend of $0.78 per share, reflecting a 3.2% dividend yield and a dividend payout ratio of 41.88%.

1832 Asset Management L.P. decreased its stake in ConocoPhillips (NYSE:COP - Free Report) by 15.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,939 shares of the energy producer's stock after selling 3,043 shares during the quarter. 1832 Asset Management L.P.'s holdings in ConocoPhillips were worth $1,779,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COP. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $28,000. Financial Network Wealth Advisors LLC boosted its stake in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after buying an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new position in ConocoPhillips during the first quarter valued at approximately $31,000. Garde Capital Inc. bought a new position in ConocoPhillips during the first quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. bought a new position in ConocoPhillips during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Stock Up 0.6%

NYSE COP traded up $0.61 on Friday, reaching $99.06. 4,594,203 shares of the stock traded hands, compared to its average volume of 6,974,235. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company has a fifty day moving average price of $94.16 and a 200-day moving average price of $93.22. The company has a market cap of $123.72 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 2.58 and a beta of 0.67. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same period last year, the business posted $1.98 EPS. The business's revenue was up 4.3% compared to the same quarter last year. As a group, research analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a $0.78 dividend. The ex-dividend date is Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.1%. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Melius Research assumed coverage on ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Susquehanna dropped their target price on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Citigroup dropped their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Mizuho dropped their price objective on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and an average price target of $120.95.

About ConocoPhillips

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.