Catalina Capital Group LLC Cuts Stock Holdings in ConocoPhillips $COP

Key Points

• Catalina Capital Group LLC decreased its holdings in ConocoPhillips by 55.3%, selling 3,419 shares, resulting in ownership of 2,763 shares valued at $248,000.
• Several institutional investors, including Elevation Point Wealth Partners and Schwartz Investment Counsel, have significantly increased their stakes in ConocoPhillips, indicating growing institutional interest in the company.
• ConocoPhillips reported earnings of $1.42 EPS, surpassing analysts' expectations, with a revenue increase of 4.3% year-over-year, highlighting strong financial performance.

Catalina Capital Group LLC trimmed its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 55.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,763 shares of the energy producer's stock after selling 3,419 shares during the period. Catalina Capital Group LLC's holdings in ConocoPhillips were worth $248,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC raised its stake in shares of ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after acquiring an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. raised its stake in shares of ConocoPhillips by 159.6% during the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock valued at $5,125,000 after acquiring an additional 30,000 shares during the last quarter. Aberdeen Group plc raised its stake in shares of ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock valued at $83,969,000 after acquiring an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC raised its stake in shares of ConocoPhillips by 853.3% during the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after acquiring an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its stake in shares of ConocoPhillips by 151.1% during the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock valued at $9,580,000 after acquiring an additional 54,900 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James Financial lowered their price objective on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating for the company in a research note on Monday, September 8th. Mizuho lowered their price objective on shares of ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. UBS Group upped their price objective on shares of ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Finally, Piper Sandler increased their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus target price of $120.14.

ConocoPhillips Price Performance

COP stock opened at $93.45 on Friday. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08. The company has a market cap of $116.71 billion, a P/E ratio of 12.54, a PEG ratio of 2.51 and a beta of 0.62. The firm has a 50-day moving average of $94.94 and a 200 day moving average of $92.96. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $14.39 billion. During the same period in the prior year, the firm earned $1.98 earnings per share. ConocoPhillips's revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.