Altfest L J & Co. Inc. Cuts Stock Holdings in ConocoPhillips (NYSE:COP)

Key Points

• Altfest L J & Co. Inc. reduced its position in ConocoPhillips by 67.3% in the first quarter, holding now 2,485 shares valued at $261,000.
• Other institutional investors showed mixed activity, with Price T Rowe Associates Inc. increasing its stake by 13.8%, while Elevation Point Wealth Partners LLC boosted its position by 83.0% during the same period.
• ConocoPhillips announced a quarterly dividend of $0.78 per share, representing an annual yield of 3.3%, with a payout ratio of 39.64%.

Altfest L J & Co. Inc. lowered its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 67.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,485 shares of the energy producer's stock after selling 5,116 shares during the period. Altfest L J & Co. Inc.'s holdings in ConocoPhillips were worth $261,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of ConocoPhillips by 379.7% in 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 in the last quarter. Capital International Investors raised its holdings in shares of ConocoPhillips by 4.9% in the 4th quarter. Capital International Investors now owns 31,287,113 shares of the energy producer's stock valued at $3,101,989,000 after purchasing an additional 1,473,027 shares in the last quarter. Northern Trust Corp raised its holdings in shares of ConocoPhillips by 27.6% in the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of ConocoPhillips by 9.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,021,394 shares of the energy producer's stock valued at $1,191,984,000 after purchasing an additional 1,078,707 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

NYSE COP traded up $0.06 during trading hours on Wednesday, hitting $94.65. 1,964,584 shares of the stock were exchanged, compared to its average volume of 8,132,428. The company has a market cap of $118.21 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 2.43 and a beta of 0.67. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The stock has a 50-day moving average of $93.04 and a 200 day moving average of $93.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

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

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of research reports. Mizuho reduced their price target on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Raymond James Financial boosted their price target on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Royal Bank Of Canada reduced their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research report on Friday, July 11th. Finally, UBS Group boosted their price target on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $120.84.

Insiders Place Their Bets

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost 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 of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.24% of the company's stock.

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.