Campbell Newman Asset Management Inc. Sells 40,587 Shares of ConocoPhillips $COP

Key Points

• Campbell Newman Asset Management Inc. drastically reduced its stake in ConocoPhillips by 94.3%, holding only 2,451 shares after selling 40,587 shares in the 2nd quarter.
• ConocoPhillips recently reported earnings of $1.42 per share, exceeding expectations, and has announced a quarterly dividend of $0.78 per share with a dividend yield of 3.3%.
• Institutional investors currently own 82.36% of ConocoPhillips, with several firms increasing their stakes significantly in the most recent quarter.

Campbell Newman Asset Management Inc. cut its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 94.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,451 shares of the energy producer's stock after selling 40,587 shares during the period. Campbell Newman Asset Management Inc.'s holdings in ConocoPhillips were worth $220,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Financial Network Wealth Advisors LLC lifted its stake in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new position in shares of ConocoPhillips in the 1st quarter valued at $31,000. Garde Capital Inc. bought a new position in shares of ConocoPhillips in the 1st quarter valued at $35,000. IMA Advisory Services Inc. bought a new position in shares of ConocoPhillips in the 1st quarter valued at $37,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock valued at $38,000 after acquiring an additional 293 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Trading Down 2.8%

Shares of COP stock opened at $95.72 on Tuesday. The company has a 50 day moving average of $94.95 and a 200-day moving average of $92.97. 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 has a 12-month low of $79.88 and a 12-month high of $116.08. The firm has a market cap of $119.55 billion, a P/E ratio of 12.85, a PEG ratio of 2.59 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last issued 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 company had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter last year, the business posted $1.98 EPS. ConocoPhillips's quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup dropped their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Roth Capital restated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Piper Sandler increased their price objective on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Mizuho decreased their price objective on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Finally, UBS Group increased their price objective on ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips 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.

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