ConocoPhillips (NYSE:COP) Stake Cut by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in ConocoPhillips by 0.8% during the first quarter, now holding about 120.87 million shares, valued at approximately $12.69 billion.
• A number of institutional investors have increased their stakes in ConocoPhillips, including Price T Rowe Associates Inc. which raised its holdings by 13.8% and Northern Trust Corp which raised its stake by 27.6% in the fourth quarter.
• Analysts have adjusted target prices for ConocoPhillips, with Citigroup lowering its target from $140 to $115 while maintaining a "buy" rating, and the current consensus rating stands at a "Moderate Buy" with an average target price of $121.33.

Vanguard Group Inc. decreased its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 120,868,565 shares of the energy producer's stock after selling 957,497 shares during the period. Vanguard Group Inc. owned approximately 9.56% of ConocoPhillips worth $12,693,617,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its holdings 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 valued at $942,297,000 after buying an additional 2,080,625 shares during the period. Twin City Private Wealth LLC increased its position in shares of ConocoPhillips by 22.0% in the first quarter. Twin City Private Wealth LLC now owns 9,260 shares of the energy producer's stock valued at $973,000 after buying an additional 1,669 shares in the last quarter. Intrust Bank NA raised its position in ConocoPhillips by 2.3% during the first quarter. Intrust Bank NA now owns 56,671 shares of the energy producer's stock worth $5,952,000 after acquiring an additional 1,281 shares during the last quarter. Wealthspire Advisors LLC lifted its stake in ConocoPhillips by 7.3% in the 1st quarter. Wealthspire Advisors LLC now owns 7,750 shares of the energy producer's stock valued at $814,000 after buying an additional 526 shares in the last quarter. Finally, Leisure Capital Management boosted its stake in shares of ConocoPhillips by 3.2% during the first quarter. Leisure Capital Management now owns 15,074 shares of the energy producer's stock valued at $1,583,000 after acquiring an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COP. Scotiabank raised their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Mizuho cut their target price on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Royal Bank Of Canada decreased their price objective on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research note on Friday, July 11th. Citigroup lowered their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $119.00 price target on shares of ConocoPhillips in a research note on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $120.63.

Insider Buying and Selling

In other news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction 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 completion of 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.24% of the company's stock.

ConocoPhillips Stock Performance

Shares of NYSE COP traded up $1.31 during midday trading on Friday, hitting $93.91. The company's stock had a trading volume of 8,764,610 shares, compared to its average volume of 6,026,880. The firm has a market cap of $118.72 billion, a P/E ratio of 12.61, a P/E/G ratio of 2.41 and a beta of 0.67. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The firm's fifty day moving average price is $92.59 and its 200-day moving average price is $93.80. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.13 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its 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 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 analysts' expectations of $14.39 billion. During the same period last year, the business posted $1.98 earnings per share. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is presently 39.64%.

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.