Greenleaf Trust Cuts Stock Position in ConocoPhillips $COP

Key Points

• Greenleaf Trust reduced its holdings in ConocoPhillips (COP) by 16.9%, selling 4,859 shares, and now owns 23,879 shares valued at approximately $2.14 million.
• Despite the reduction, several other hedge funds significantly increased their positions in ConocoPhillips during the first quarter, with one firm boosting their stake by 341.5%.
• ConocoPhillips reported earnings of $1.42 per share in the last quarter, surpassing analyst expectations, and declared a quarterly dividend of $0.78 per share, reflecting a 3.3% yield.

Greenleaf Trust lowered its holdings in ConocoPhillips (NYSE:COP - Free Report) by 16.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,879 shares of the energy producer's stock after selling 4,859 shares during the period. Greenleaf Trust's holdings in ConocoPhillips were worth $2,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of COP. Financial Network Wealth Advisors LLC boosted its position in ConocoPhillips by 341.5% in 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 purchased a new position in ConocoPhillips in the first quarter worth $31,000. Garde Capital Inc. purchased a new position in ConocoPhillips in the first quarter worth $35,000. IMA Advisory Services Inc. purchased a new position in ConocoPhillips in the first quarter worth $37,000. Finally, Clal Insurance Enterprises Holdings Ltd boosted its position in ConocoPhillips by 418.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock worth $38,000 after purchasing an additional 293 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $94.63 on Wednesday. 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 has a 52-week low of $79.88 and a 52-week high of $116.08. The firm has a market cap of $118.19 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 2.52 and a beta of 0.69. The business's fifty day moving average is $94.98 and its 200 day moving average is $92.98.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period in the previous year, the company posted $1.98 EPS. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, August 18th. ConocoPhillips's payout ratio is presently 41.88%.

Analyst Ratings Changes

COP has been the topic of several research analyst reports. BMO Capital Markets boosted their price objective on ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Citigroup dropped their price target on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Susquehanna dropped their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Finally, Piper Sandler upped their price target on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $120.14.

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.

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