Connor Clark & Lunn Investment Management Ltd. Sells 267,299 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in ConocoPhillips by 55.0%, now owning 219,008 shares valued at approximately $23 million.
• ConocoPhillips recently reported earnings of $1.42 per share, exceeding analysts' expectations and reflecting a year-over-year revenue increase of 4.3%.
• The company has declared a quarterly dividend of $0.78 per share, with a dividend yield of 3.3%, scheduled for payment on September 2nd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 55.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 219,008 shares of the energy producer's stock after selling 267,299 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in ConocoPhillips were worth $23,000,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in 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 worth $4,546,706,000 after purchasing an additional 5,549,078 shares in the last quarter. Elevation Point Wealth Partners LLC raised its holdings in ConocoPhillips by 83.0% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock worth $1,897,000 after purchasing an additional 8,189 shares in the last quarter. Schwartz Investment Counsel Inc. raised its holdings in ConocoPhillips by 159.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock worth $5,125,000 after purchasing an additional 30,000 shares in the last quarter. ORG Wealth Partners LLC raised its holdings in ConocoPhillips by 853.3% in the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after purchasing an additional 5,922 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its position in shares of ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after buying an additional 54,900 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

COP has been the topic of a number of recent research reports. Royal Bank Of Canada reduced their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a research report on Friday, July 11th. Raymond James Financial upped their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Susquehanna reduced their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $108.00 target price on shares of ConocoPhillips in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of "Moderate Buy" and a consensus target price of $120.84.

ConocoPhillips Stock Performance

Shares of NYSE:COP traded up $1.01 during trading on Tuesday, hitting $94.54. The company's stock had a trading volume of 7,524,697 shares, compared to its average volume of 6,269,311. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The firm has a market cap of $118.07 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 2.43 and a beta of 0.67. The company has a 50-day moving average of $93.04 and a 200-day moving average of $93.54. 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 earnings results on Thursday, August 7th. The energy producer reported $1.42 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 for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter last year, the business earned $1.98 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a dividend of $0.78 per share. The ex-dividend date is 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 presently 41.88%.

Insider Buying and Selling at ConocoPhillips

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

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.