Corient Private Wealth LP Decreases Stake in ConocoPhillips $COP

Key Points

• Corient Private Wealth LP cut its ConocoPhillips stake by 5.4% in the second quarter, selling 28,918 shares and retaining 511,363 shares valued at approximately $53.2 million. Institutional investors collectively own 82.36% of the company.
• Analyst sentiment remains positive, with ConocoPhillips carrying a consensus “Moderate Buy” rating and an average price target of $140.60, despite several firms lowering their targets.
• ConocoPhillips reported quarterly EPS of $3.24, beating estimates, while revenue rose 32.4% year over year to $19.52 billion. The company also declared a quarterly dividend of $0.84 per share, representing a 2.4% annualized yield.

Corient Private Wealth LP lessened its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 5.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 511,363 shares of the energy producer's stock after selling 28,918 shares during the period. Corient Private Wealth LP's holdings in ConocoPhillips were worth $53,161,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. B. Metzler seel. Sohn & Co. AG purchased a new stake in ConocoPhillips during the second quarter worth $6,896,000. Qsemble Capital Management LP acquired a new stake in ConocoPhillips in the second quarter valued at $3,645,000. Nicholas Investment Partners LP purchased a new position in shares of ConocoPhillips in the second quarter valued at $6,498,000. Northwestern Mutual Wealth Management Co. increased its position in shares of ConocoPhillips by 255.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,857,206 shares of the energy producer's stock valued at $173,853,000 after buying an additional 1,334,687 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of ConocoPhillips by 3,112.4% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 17,604 shares of the energy producer's stock worth $1,830,000 after buying an additional 17,056 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Insider Activity

In related news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on COP shares. Mizuho decreased their price objective on shares of ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 7th. The Goldman Sachs Group dropped their target price on shares of ConocoPhillips from $144.00 to $138.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Wells Fargo & Company lifted their target price on shares of ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Wall Street Zen raised shares of ConocoPhillips from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Raymond James Financial reiterated an "underperform" rating and issued a $168.00 price target on shares of ConocoPhillips in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus price target of $140.60.

ConocoPhillips Trading Up 0.1%

Shares of COP stock opened at $137.16 on Friday. The firm has a 50-day moving average price of $123.34 and a 200 day moving average price of $120.33. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $138.89. The company has a market capitalization of $164.77 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 1.45 and a beta of 0.13. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same period in the prior year, the firm earned $1.42 EPS. The firm's quarterly revenue was up 32.4% on a year-over-year basis. Research analysts forecast that ConocoPhillips will post 10.54 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips's payout ratio is currently 44.44%.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged primarily in finding, developing and producing crude oil, natural gas and natural gas liquids. The company sells its production to refiners, utilities, industrial customers and other energy market participants.

Its portfolio includes conventional and unconventional assets, with operations and development activities in the United States, including Alaska and the Lower 48, as well as Canada, Australia, Norway, Qatar and other international locations.

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