Cresset Asset Management LLC Sells 2,662 Shares of ConocoPhillips $COP

Key Points

• Cresset Asset Management LLC reduced its stake in ConocoPhillips by 4.3%, selling 2,662 shares in the first quarter, leaving them with 58,776 shares worth approximately $6.17 million.
• Several hedge funds have increased their stakes in ConocoPhillips, with Tocqueville Asset Management increasing theirs by 113.3% during the same period, now holding 84,310 shares valued at $8.85 million.
• ConocoPhillips declared a quarterly dividend of $0.78 per share, reflecting an annualized dividend yield of 3.3% and a payout ratio of 41.88%.

Cresset Asset Management LLC lowered its position in ConocoPhillips (NYSE:COP - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,776 shares of the energy producer's stock after selling 2,662 shares during the quarter. Cresset Asset Management LLC's holdings in ConocoPhillips were worth $6,173,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Bridgewater Associates LP lifted its position in shares of ConocoPhillips by 157.5% in the fourth quarter. Bridgewater Associates LP now owns 7,929 shares of the energy producer's stock valued at $786,000 after buying an additional 4,850 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $1,128,000. GeoWealth Management LLC lifted its position in shares of ConocoPhillips by 19.0% in the fourth quarter. GeoWealth Management LLC now owns 8,564 shares of the energy producer's stock valued at $849,000 after buying an additional 1,367 shares during the last quarter. Capital World Investors lifted its position in shares of ConocoPhillips by 0.3% in the fourth quarter. Capital World Investors now owns 8,653,331 shares of the energy producer's stock valued at $858,150,000 after buying an additional 26,157 shares during the last quarter. Finally, Natixis lifted its position in shares of ConocoPhillips by 4.1% in the fourth quarter. Natixis now owns 206,938 shares of the energy producer's stock valued at $20,522,000 after buying an additional 8,115 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Raymond James Financial raised their price objective on ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Morgan Stanley reaffirmed an "overweight" rating and issued a $123.00 price objective (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Citigroup cut their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Royal Bank Of Canada cut their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research report on Friday, July 11th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of "Moderate Buy" and an average target price of $120.95.

ConocoPhillips Price Performance

Shares of NYSE COP traded up $1.8440 during mid-day trading on Friday, reaching $96.6240. The company had a trading volume of 4,459,142 shares, compared to its average volume of 8,076,596. The firm has a market cap of $120.68 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 2.48 and a beta of 0.67. The business's 50-day simple moving average is $93.81 and its 200 day simple moving average is $93.31. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. 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 issued its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same period in the previous year, the company earned $1.98 EPS. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, August 18th. ConocoPhillips's payout ratio is currently 41.88%.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson purchased 5,300 shares of ConocoPhillips stock in a transaction dated Monday, June 16th. The shares were bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips 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.