ConocoPhillips $COP Shares Sold by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue has reduced its holdings in ConocoPhillips by 2.8%, now owning 248,761 shares valued at approximately $22.32 million.
• Institutional investors and hedge funds hold about 82.36% of ConocoPhillips' stock, showing significant interest from major financial firms.
• ConocoPhillips recently reported a quarterly EPS of $1.42, surpassing estimates, and announced a quarterly dividend of $0.78 per share, indicating ongoing financial health.

State of Alaska Department of Revenue decreased its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 248,761 shares of the energy producer's stock after selling 7,260 shares during the quarter. State of Alaska Department of Revenue's holdings in ConocoPhillips were worth $22,323,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in COP. Charles Schwab Investment Management Inc. boosted its holdings in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new position in shares of ConocoPhillips in the 1st quarter worth $658,981,000. AQR Capital Management LLC raised 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 worth $484,539,000 after buying an additional 3,058,505 shares during the period. GAMMA Investing LLC raised its position in shares of ConocoPhillips by 10,440.1% in the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after buying an additional 2,936,066 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of 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 buying an additional 2,080,625 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on COP. Wall Street Zen raised ConocoPhillips from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Melius began coverage on ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Scotiabank increased their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Piper Sandler increased their target price on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Melius Research began coverage on ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips Trading Up 1.7%

NYSE:COP opened at $98.47 on Friday. The business's 50-day moving average is $94.85 and its two-hundred day moving average is $93.05. 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 has a 12 month low of $79.88 and a 12 month high of $116.08. The firm has a market capitalization of $122.98 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.55 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data 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 return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period last year, the company posted $1.98 earnings per share. The firm's revenue was up 4.3% compared to the same quarter last year. Research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced 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 3.2%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's payout ratio is presently 41.88%.

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.

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