ConocoPhillips $COP Shares Sold by Atalanta Sosnoff Capital LLC

Key Points

• Atalanta Sosnoff Capital LLC reduced its stake in ConocoPhillips by 51.3%, selling 214,038 shares, leaving it with 203,221 shares valued at approximately $21.34 million.
• ConocoPhillips reported a quarterly earnings per share of $1.42, exceeding analyst expectations, and had a revenue of $14.94 billion for the quarter.
• The company announced a quarterly dividend of $0.78 per share, reflecting an annualized yield of 3.2% with a payout ratio of 41.88%.

Atalanta Sosnoff Capital LLC cut its holdings in ConocoPhillips (NYSE:COP - Free Report) by 51.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,221 shares of the energy producer's stock after selling 214,038 shares during the period. Atalanta Sosnoff Capital LLC's holdings in ConocoPhillips were worth $21,342,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Elevation Point Wealth Partners LLC grew its holdings 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 worth $1,897,000 after purchasing an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. grew its holdings 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 worth $5,125,000 after buying an additional 30,000 shares during the last quarter. Aberdeen Group plc grew its holdings 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 worth $83,969,000 after buying an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC grew its holdings 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 worth $698,000 after buying an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. grew its holdings 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 worth $9,580,000 after buying an additional 54,900 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Price Performance

Shares of COP stock traded down $2.80 during midday trading on Friday, reaching $92.97. 8,509,766 shares of the company traded hands, compared to its average volume of 6,192,091. The firm's 50 day simple moving average is $94.76 and its two-hundred day simple moving average is $93.15. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a market cap of $116.12 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 2.43 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating 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 last year, the firm earned $1.98 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal 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 given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Insider Activity

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the transaction, the executive vice president directly owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on COP. Citigroup lowered their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Bank of America lowered their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Wall Street Zen lowered ConocoPhillips from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Mizuho lowered their price objective on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Piper Sandler lifted their price objective on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.95.

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.