California State Teachers Retirement System Cuts Position in ConocoPhillips $COP

California State Teachers Retirement System cut its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 0.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,422,410 shares of the energy producer's stock after selling 9,336 shares during the period. California State Teachers Retirement System owned approximately 0.12% of ConocoPhillips worth $147,873,744 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Patten Group Inc. lifted its position in ConocoPhillips by 1.5% in the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer's stock worth $719,000 after purchasing an additional 83 shares during the period. IFC Advisors LLC boosted its holdings in ConocoPhillips by 0.4% during the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock worth $2,664,000 after purchasing an additional 84 shares during the last quarter. Cornerstone Planning Group LLC grew its position in ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock worth $124,000 after buying an additional 88 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of ConocoPhillips by 0.4% during the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after acquiring an additional 92 shares in the last quarter. Finally, Sigma Planning Corp boosted its holdings in shares of ConocoPhillips by 0.6% during the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer's stock valued at $2,120,000 after acquiring an additional 94 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

NYSE COP traded up $4.77 during trading hours on Tuesday, reaching $141.44. The company's stock had a trading volume of 3,647,091 shares, compared to its average volume of 8,222,669. The firm has a market capitalization of $169.92 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 1.45 and a beta of 0.13. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $141.62. The company's 50-day moving average is $124.00 and its two-hundred day moving average is $120.58.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. The company had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.ConocoPhillips's revenue was up 32.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.42 earnings per share. On average, equities analysts predict that ConocoPhillips will post 10.54 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, August 17th. ConocoPhillips's payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several research firms have commented on COP. Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a report on Monday, June 22nd. Roth Capital raised shares of ConocoPhillips from a "neutral" rating to a "buy" rating and upped their price target for the company from $124.00 to $130.00 in a report on Monday, June 22nd. The Goldman Sachs Group dropped their price target on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Capital One Financial dropped their target price on shares of ConocoPhillips from $156.00 to $154.00 and set an "equal weight" rating on the stock in a report on Monday, May 18th. Finally, Truist Financial increased their price objective on shares of ConocoPhillips from $115.00 to $130.00 and gave the company a "hold" rating in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $141.24.

Insiders Place Their Bets

In other news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares of the company's stock, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by insiders.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.

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