Clark Capital Management Group Inc. Decreases Position in ConocoPhillips $COP

Key Points

• Clark Capital Management Group Inc. dramatically reduced its holdings in ConocoPhillips by 95.9%, selling 251,179 shares and retaining only 10,810 shares, worth approximately $1.14 million.
• Several institutional investors have increased their stakes in ConocoPhillips, with notable increases from Crestline Management LP (43.3%) and EP Wealth Advisors LLC (18.1%) during the fourth quarter.
• ConocoPhillips reported a strong quarterly earnings performance, with an earnings per share of $1.42, exceeding estimates, and announced a quarterly dividend of $0.78 per share, representing a 3.4% yield.

Clark Capital Management Group Inc. lowered its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 95.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,810 shares of the energy producer's stock after selling 251,179 shares during the period. Clark Capital Management Group Inc.'s holdings in ConocoPhillips were worth $1,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in COP. 10Elms LLP acquired a new stake in shares of ConocoPhillips in the 4th quarter worth about $28,000. Financial Network Wealth Advisors LLC raised its holdings 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 worth $30,000 after acquiring an additional 222 shares during the last quarter. Stone House Investment Management LLC acquired a new stake in shares of ConocoPhillips in the 1st quarter worth about $31,000. Garde Capital Inc. acquired a new stake in shares of ConocoPhillips in the 1st quarter worth about $35,000. Finally, IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips in the 1st quarter worth about $37,000. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Down 1.7%

COP stock traded down $1.60 during trading on Monday, reaching $91.35. The stock had a trading volume of 9,746,249 shares, compared to its average volume of 6,179,341. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company's 50 day moving average is $94.79 and its two-hundred day moving average is $93.04. The company has a market capitalization of $114.09 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 2.43 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. Equities 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 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 3.4%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Insider Activity

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was bought at an average price 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 approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.24% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on COP shares. UBS Group upped their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Melius started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Wall Street Zen lowered shares of ConocoPhillips from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Raymond James Financial lowered their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating on the stock in a report on Monday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $120.86.

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.