ConocoPhillips $COP Shares Sold by ARGA Investment Management LP

Key Points

• ARGA Investment Management LP has reduced its holdings in ConocoPhillips by 16.6%, owning 14,287 shares worth approximately $1.28 million after selling 2,841 shares in the second quarter.
• ConocoPhillips reported an earnings per share (EPS) of $1.42 for the latest quarter, surpassing estimates and showing a 4.3% year-over-year revenue growth to $14.94 billion.
• The company has recently announced a quarterly dividend of $0.78, providing a 3.5% yield and a payout ratio of 41.88%.

ARGA Investment Management LP decreased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 16.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,287 shares of the energy producer's stock after selling 2,841 shares during the quarter. ARGA Investment Management LP's holdings in ConocoPhillips were worth $1,282,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of COP. Charles Schwab Investment Management Inc. grew its holdings in shares of ConocoPhillips by 379.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new stake in shares of ConocoPhillips during the first quarter valued at $658,981,000. AQR Capital Management LLC boosted its position in shares of ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the period. Goldman Sachs Group Inc. increased its stake in ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after purchasing an additional 2,080,625 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in ConocoPhillips by 53.8% during the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer's stock worth $550,334,000 after buying an additional 1,834,118 shares during the period. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Up 3.1%

COP stock opened at $90.08 on Friday. The company has a 50 day moving average of $93.47 and a two-hundred day moving average of $91.88. The company has a market cap of $112.51 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 2.33 and a beta of 0.62. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $115.38. 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 (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating 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 business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same period in the previous year, the company posted $1.98 EPS. ConocoPhillips's revenue was up 4.3% on a year-over-year basis. On average, equities analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of ConocoPhillips in a report on Wednesday, October 8th. Capital One Financial upped their price target on shares of ConocoPhillips from $111.00 to $112.00 in a research report on Friday, October 3rd. The Goldman Sachs Group lowered their price objective on shares of ConocoPhillips from $111.00 to $108.00 and set a "buy" rating on the stock in a research report on Friday, October 17th. Melius Research began coverage on ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Finally, Melius began coverage on ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Eighteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $115.63.

ConocoPhillips Company 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.

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.