ConocoPhillips (NYSE:COP) Shares Sold by LGT Group Foundation

Key Points

• LGT Group Foundation reduced its holdings in ConocoPhillips by 3.8%, now owning 597,814 shares valued at approximately $62.78 million.
• Analysts maintain a generally positive outlook, with 16 analysts assigning a buy rating and an average price target of $120.84 for the stock.
• ConocoPhillips declared a $0.78 quarterly dividend, representing a 3.3% yield, set to be paid on September 2nd for shareholders of record by August 18th.

LGT Group Foundation lowered its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 597,814 shares of the energy producer's stock after selling 23,763 shares during the quarter. ConocoPhillips makes up approximately 0.9% of LGT Group Foundation's holdings, making the stock its 29th biggest holding. LGT Group Foundation's holdings in ConocoPhillips were worth $62,782,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of COP. LGT Fund Management Co Ltd. grew its position in shares of ConocoPhillips by 15.6% in the first quarter. LGT Fund Management Co Ltd. now owns 80,189 shares of the energy producer's stock valued at $8,421,000 after purchasing an additional 10,795 shares during the period. Clal Insurance Enterprises Holdings Ltd grew its holdings in ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock valued at $38,000 after buying an additional 293 shares during the period. Resona Asset Management Co. Ltd. increased its stake in shares of ConocoPhillips by 7.2% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 406,697 shares of the energy producer's stock valued at $42,549,000 after acquiring an additional 27,423 shares during the last quarter. Westpac Banking Corp boosted its position in shares of ConocoPhillips by 253.9% in the first quarter. Westpac Banking Corp now owns 26,650 shares of the energy producer's stock worth $2,799,000 after acquiring an additional 19,119 shares during the last quarter. Finally, Stone House Investment Management LLC purchased a new stake in ConocoPhillips in the first quarter valued at approximately $31,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley reaffirmed an "overweight" rating and issued a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research report on Sunday. Mizuho reduced their price objective on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Citigroup decreased their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, Raymond James Financial boosted their price objective on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $120.84.

Insider Buying and Selling at ConocoPhillips

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. Corporate insiders own 0.24% of the company's stock.

ConocoPhillips Trading Down 0.4%

Shares of NYSE COP opened at $93.56 on Tuesday. The stock has a market capitalization of $116.85 billion, a P/E ratio of 12.56, a PEG ratio of 2.44 and a beta of 0.67. The stock's 50 day moving average price is $92.91 and its two-hundred day moving average price is $93.53. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08.

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. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.98 EPS. On average, analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's dividend payout ratio is currently 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.

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