Corigliano Investment Advisers LLC Reduces Stake in ConocoPhillips $COP

Key Points

• Corigliano Investment Advisers LLC reduced its holdings in ConocoPhillips by 48.5% in Q1, selling 62,769 shares and retaining 66,719 shares worth about $7 million.
• ConocoPhillips recently reported $1.42 earnings per share (EPS) for the quarter, beating expectations and showing a 4.3% revenue increase year-over-year.
• The company announced a quarterly dividend of $0.78, resulting in an annualized yield of 3.3% and a payout ratio of 41.88%.

Corigliano Investment Advisers LLC lessened its holdings in ConocoPhillips (NYSE:COP - Free Report) by 48.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,719 shares of the energy producer's stock after selling 62,769 shares during the quarter. ConocoPhillips makes up about 3.1% of Corigliano Investment Advisers LLC's holdings, making the stock its 12th largest position. Corigliano Investment Advisers LLC's holdings in ConocoPhillips were worth $7,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of COP. 10Elms LLP purchased a new position in shares of ConocoPhillips in the 4th quarter valued at about $28,000. Financial Network Wealth Advisors LLC lifted its stake in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Stone House Investment Management LLC acquired a new position in ConocoPhillips in the first quarter valued at approximately $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips in the first quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. acquired a new stake in ConocoPhillips during the first quarter worth approximately $37,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost 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 $1,369,024.48. This trade represents a 57.44% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.24% of the company's stock.

ConocoPhillips Stock Performance

ConocoPhillips stock traded down $1.60 during trading hours on Monday, reaching $91.35. 9,746,304 shares of the stock were exchanged, compared to its average volume of 8,010,102. The stock has a market cap of $114.09 billion, a P/E ratio of 12.26, a P/E/G ratio of 2.43 and a beta of 0.69. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The firm's 50 day moving average is $94.76 and its 200 day moving average is $93.08. 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 (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 EPS. Analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wall Street Zen downgraded shares of ConocoPhillips from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Citigroup dropped their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Piper Sandler lifted their target price on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Melius Research assumed coverage on ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $120.86.

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.