Envestnet Asset Management Inc. Cuts Position in ConocoPhillips (NYSE:COP)

Envestnet Asset Management Inc. cut its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 2,606,907 shares of the energy producer's stock after selling 56,199 shares during the period. Envestnet Asset Management Inc. owned approximately 0.21% of ConocoPhillips worth $273,777,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in ConocoPhillips by 11.7% during the 4th quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer's stock worth $12,081,491,000 after acquiring an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after acquiring an additional 5,549,078 shares in the last quarter. Capital International Investors lifted its position in ConocoPhillips by 4.9% during the 4th quarter. Capital International Investors now owns 31,287,113 shares of the energy producer's stock worth $3,101,989,000 after acquiring an additional 1,473,027 shares in the last quarter. Geode Capital Management LLC lifted its position in ConocoPhillips by 13.7% during the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock worth $2,792,521,000 after acquiring an additional 3,397,360 shares in the last quarter. Finally, Invesco Ltd. lifted its position in ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock worth $1,544,101,000 after acquiring an additional 4,211,939 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, with a total value 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 represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.24% of the stock is owned by corporate insiders.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $92.56 on Tuesday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $118.40. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $117.01 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 2.53 and a beta of 0.61. The business has a 50 day simple moving average of $90.22 and a 200-day simple moving average of $94.78.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the previous year, the business earned $2.05 EPS. As a group, equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.37%. The ex-dividend date was Monday, May 19th. ConocoPhillips's dividend payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on COP shares. Mizuho reduced their price target on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Royal Bank Of Canada cut their target price on ConocoPhillips from $120.00 to $115.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Scotiabank cut their target price on ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Friday, April 11th. Finally, Morgan Stanley upped their target price on ConocoPhillips from $116.00 to $118.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $121.80.

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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