Crossmark Global Holdings Inc. Sells 15,239 Shares of ConocoPhillips $COP

Key Points

• Crossmark Global Holdings reduced its ConocoPhillips stake by 6.2% in the third quarter, selling 15,239 shares and retaining 228,944 shares valued at approximately $28.7 million.
• Institutional investors own 82.36% of ConocoPhillips; State Street, BlackRock and Wellington Management were among major investors that increased their positions.
• ConocoPhillips reported stronger-than-expected quarterly results, with EPS of $3.24 and revenue of $19.52 billion, while analysts maintain a “Moderate Buy” consensus rating and the company pays a $0.84 quarterly dividend.

Crossmark Global Holdings Inc. decreased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 6.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 228,944 shares of the energy producer's stock after selling 15,239 shares during the period. Crossmark Global Holdings Inc.'s holdings in ConocoPhillips were worth $28,652,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. State Street Corp lifted its stake in ConocoPhillips by 73.2% in the second quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock worth $12,328,767,000 after purchasing an additional 50,116,727 shares during the last quarter. BlackRock Inc. boosted its position in ConocoPhillips by 3.0% during the second quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer's stock valued at $9,760,436,000 after buying an additional 2,712,703 shares during the period. Wellington Management Group LLP boosted its position in ConocoPhillips by 12.0% during the second quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer's stock valued at $1,566,901,000 after buying an additional 1,609,759 shares during the period. Bank of America Corp DE bought a new position in shares of ConocoPhillips during the second quarter valued at about $1,260,482,000. Finally, Primecap Management Co. CA bought a new position in shares of ConocoPhillips during the second quarter valued at about $1,204,726,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Down 0.1%

Shares of COP opened at $145.77 on Thursday. The stock has a market capitalization of $175.12 billion, a P/E ratio of 19.28, a PEG ratio of 1.45 and a beta of 0.24. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a fifty day simple moving average of $133.34 and a two-hundred day simple moving average of $122.69. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $147.41.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same period in the previous year, the firm earned $1.42 EPS. The company's quarterly revenue was up 32.4% compared to the same quarter last year. On average, research analysts anticipate that ConocoPhillips will post 11.19 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.84 per share. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a dividend yield of 2.3%. ConocoPhillips's payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. Wells Fargo & Company lifted their price objective on ConocoPhillips from $183.00 to $189.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Freedom Capital upgraded ConocoPhillips from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. The Goldman Sachs Group restated a "buy" rating and set a $157.00 target price on shares of ConocoPhillips in a report on Tuesday. Seaport Research Partners began coverage on ConocoPhillips in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Jefferies Financial Group lifted their price target on ConocoPhillips from $159.00 to $174.00 and gave the stock a "buy" rating in a research note on Tuesday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average target price of $145.00.

Insider Activity

In related news, SVP Andrew Lundquist sold 9,487 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the transaction, the senior vice president directly owned 9,593 shares of the company's stock, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by corporate insiders.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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