Fayez Sarofim & Co Decreases Stock Holdings in ConocoPhillips (NYSE:COP)

Key Points

• Fayez Sarofim & Co reduced its shares in ConocoPhillips by 10.4% during the first quarter, owning approximately 1.57 million shares worth $165.1 million after selling 182,947 shares.
• Several hedge funds increased their stakes in ConocoPhillips, contributing to a total of 82.36% of the company's stock held by institutional investors.
• ConocoPhillips announced a quarterly dividend of $0.78, yielding 3.3%, with a payout ratio of 39.64% as of the last reporting period.

Fayez Sarofim & Co trimmed its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,572,258 shares of the energy producer's stock after selling 182,947 shares during the quarter. Fayez Sarofim & Co owned about 0.12% of ConocoPhillips worth $165,119,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of COP. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the fourth quarter valued at about $28,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips in the 1st quarter valued at approximately $35,000. IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips in the 1st quarter valued at approximately $37,000. Fourth Dimension Wealth LLC purchased a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $39,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of ConocoPhillips in the 1st quarter valued at approximately $42,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The stock was acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company's stock.

ConocoPhillips Price Performance

COP stock opened at $93.29 on Thursday. The business has a 50 day moving average price of $92.45 and a 200 day moving average price of $93.89. The stock has a market cap of $117.93 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.43 and a beta of 0.67. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36.

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

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips's payout ratio is currently 39.64%.

Analysts Set New Price Targets

COP has been the topic of several research reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Piper Sandler reissued an "overweight" rating and issued a $123.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Citigroup decreased 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. Morgan Stanley reiterated an "overweight" rating and set a $119.00 price target on shares of ConocoPhillips in a report on Tuesday, July 15th. Finally, UBS Group raised their price objective on ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus price target of $121.33.

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.

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