ConocoPhillips $COP Shares Sold by Cardinal Capital Management Inc.

Key Points

• Cardinal Capital Management Inc. reduced its stake in ConocoPhillips by 2.9%, leaving it with 124,023 shares valued at approximately $11.13 million.
• ConocoPhillips reported a beat on earnings with $1.42 EPS for the last quarter, exceeding analysts' estimates of $1.36, and a revenue of $14.94 billion.
• Recent analyst price targets for ConocoPhillips show mixed outlooks, with UBS increasing its target to $124 while Bank of America reduced its target to $106.

Cardinal Capital Management Inc. decreased its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,023 shares of the energy producer's stock after selling 3,695 shares during the quarter. Cardinal Capital Management Inc.'s holdings in ConocoPhillips were worth $11,130,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in COP. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 31,736,423 shares in the last quarter. Nuveen LLC bought a new stake in shares of ConocoPhillips in the 1st quarter worth $658,981,000. AQR Capital Management LLC increased its holdings 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 purchasing an additional 3,058,505 shares in the last quarter. GAMMA Investing LLC increased its holdings 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 purchasing an additional 2,936,066 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after acquiring an additional 2,080,625 shares during the period. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on COP shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a report on Sunday, August 10th. Roth Capital reaffirmed a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Royal Bank Of Canada cut their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Piper Sandler lifted their price objective on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Mizuho cut their price objective on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Sixteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $120.14.

ConocoPhillips Stock Performance

NYSE COP traded up $1.70 on Tuesday, hitting $93.71. 4,608,074 shares of the company traded hands, compared to its average volume of 7,909,204. The business's 50 day moving average price is $94.55 and its 200-day moving average price is $92.98. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The company has a market capitalization of $117.04 billion, a price-to-earnings ratio of 12.58, a P/E/G ratio of 2.42 and a beta of 0.69. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last announced 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. The business had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.98 earnings per share. Equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

About ConocoPhillips

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.