ConocoPhillips (NYSE:COP) Shares Sold by Applied Finance Capital Management LLC

Key Points

• Applied Finance Capital Management LLC has significantly reduced its stake in ConocoPhillips by 48.9%, now holding $12.26 million worth of shares after selling over 111,000 shares in the first quarter.
• Several institutional investors have recently established positions in ConocoPhillips, with 82.36% of the stock now being owned by institutional investors.
• Analysts have set a consensus target price of $121.33 for ConocoPhillips, with a majority rating it as a "Moderate Buy" despite mixed target price adjustments from various brokerages.

Applied Finance Capital Management LLC reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 48.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,776 shares of the energy producer's stock after selling 111,727 shares during the quarter. Applied Finance Capital Management LLC's holdings in ConocoPhillips were worth $12,264,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Mediolanum International Funds Ltd raised its holdings in shares of ConocoPhillips by 23.1% in the first quarter. Mediolanum International Funds Ltd now owns 560,208 shares of the energy producer's stock valued at $57,348,000 after acquiring an additional 104,984 shares in the last quarter. Phoenix Financial Ltd. grew its stake in ConocoPhillips by 14.9% in the first quarter. Phoenix Financial Ltd. now owns 12,549 shares of the energy producer's stock valued at $1,322,000 after purchasing an additional 1,624 shares during the last quarter. Trilogy Capital Inc. grew its stake in ConocoPhillips by 4.8% in the first quarter. Trilogy Capital Inc. now owns 30,148 shares of the energy producer's stock valued at $3,166,000 after purchasing an additional 1,369 shares during the last quarter. Pacer Advisors Inc. grew its stake in ConocoPhillips by 3.0% in the first quarter. Pacer Advisors Inc. now owns 5,395,008 shares of the energy producer's stock valued at $566,584,000 after purchasing an additional 159,501 shares during the last quarter. Finally, Assetmark Inc. grew its stake in ConocoPhillips by 7.7% in the first quarter. Assetmark Inc. now owns 287,597 shares of the energy producer's stock valued at $30,203,000 after purchasing an additional 20,597 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

NYSE:COP traded down $1.01 during trading hours on Wednesday, reaching $96.98. The company had a trading volume of 2,351,076 shares, compared to its average volume of 8,173,408. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The firm has a market cap of $122.60 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 2.53 and a beta of 0.61. The business's 50 day moving average price is $91.44 and its 200-day moving average price is $94.28. 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 (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The company had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the previous year, the company posted $2.05 earnings per share. Research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Monday, May 19th. ConocoPhillips's payout ratio is presently 39.64%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on COP. Wells Fargo & Company reiterated an "overweight" rating and issued a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Susquehanna cut their target price on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Royal Bank Of Canada cut their target price on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research note on Friday, July 11th. Piper Sandler reiterated an "overweight" rating and issued a $123.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Finally, Barclays dropped their price target on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $121.33.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction dated Monday, June 16th. The stock was acquired at an average cost of $94.24 per share, with a total value 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 position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.24% of the stock is currently owned by insiders.

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.