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HighTower Advisors LLC Reduces Position in ConocoPhillips (NYSE:COP)

ConocoPhillips logo with Energy background

Key Points

  • HighTower Advisors LLC has reduced its stake in ConocoPhillips (COP) by 25.9%, selling over 325,000 shares during the first quarter, resulting in ownership of approximately 932,000 shares valued at $97.89 million.
  • Executive Vice President Kirk L. Johnson purchased 5,300 shares of ConocoPhillips stock at an average price of $94.24 per share, increasing his ownership by 57.44%.
  • ConocoPhillips announced a quarterly dividend of $0.78 per share, representing an annual yield of 3.3%, to be paid on September 2nd.
  • Want stock alerts on ConocoPhillips? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

HighTower Advisors LLC reduced its position in ConocoPhillips (NYSE:COP - Free Report) by 25.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 932,128 shares of the energy producer's stock after selling 325,115 shares during the quarter. HighTower Advisors LLC owned approximately 0.07% of ConocoPhillips worth $97,892,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Delos Wealth Advisors LLC boosted its stake in shares of ConocoPhillips by 5.9% in the 1st quarter. Delos Wealth Advisors LLC now owns 7,443 shares of the energy producer's stock valued at $782,000 after purchasing an additional 415 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of ConocoPhillips by 1.6% during the 1st quarter. Public Sector Pension Investment Board now owns 341,094 shares of the energy producer's stock worth $35,822,000 after buying an additional 5,454 shares during the period. Tranquilli Financial Advisor LLC increased its stake in shares of ConocoPhillips by 3.0% in the 1st quarter. Tranquilli Financial Advisor LLC now owns 5,894 shares of the energy producer's stock valued at $619,000 after acquiring an additional 170 shares in the last quarter. AIA Group Ltd lifted its position in shares of ConocoPhillips by 100.0% during the 1st quarter. AIA Group Ltd now owns 41,263 shares of the energy producer's stock valued at $4,333,000 after acquiring an additional 20,633 shares during the period. Finally, Financial Engines Advisors L.L.C. acquired a new position in ConocoPhillips during the 1st quarter worth approximately $218,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

Shares of COP traded down $0.26 during trading hours on Friday, hitting $95.39. 6,561,919 shares of the stock were exchanged, compared to its average volume of 8,169,684. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a market cap of $119.14 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 2.50 and a beta of 0.67. The stock's 50-day moving average price is $93.45 and its two-hundred day moving average price is $93.51.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. The company had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%. The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.98 EPS. Research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's dividend payout ratio is 41.88%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Bank of America cut their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. UBS Group raised their target price on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Piper Sandler restated an "overweight" rating and issued a $123.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Raymond James Financial raised their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Finally, Royal Bank Of Canada decreased 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. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.84.

Read Our Latest Analysis on COP

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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