Guinness Asset Management LTD Reduces Holdings in ConocoPhillips $COP

Key Points

• Guinness Asset Management LTD has reduced its stake in ConocoPhillips by 19.6%, selling 27,348 shares and now holding 112,326 shares valued at approximately $11.72 million.
• Significant increases in stakes were also observed from other institutional investors, including Charles Schwab Investment Management which raised its stake by 379.7%.
• ConocoPhillips recently reported earnings of $1.42 per share for the quarter, exceeding estimates and showing a year-over-year revenue increase of 4.3%.

Guinness Asset Management LTD cut its stake in ConocoPhillips (NYSE:COP - Free Report) by 19.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,326 shares of the energy producer's stock after selling 27,348 shares during the period. Guinness Asset Management LTD's holdings in ConocoPhillips were worth $11,718,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Lynx Investment Advisory increased its stake in shares of ConocoPhillips by 316.6% during the 1st quarter. Lynx Investment Advisory now owns 10,769 shares of the energy producer's stock worth $1,131,000 after purchasing an additional 8,184 shares in the last quarter. eCIO Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $107,000. First Hawaiian Bank increased its stake in shares of ConocoPhillips by 23.1% during the 1st quarter. First Hawaiian Bank now owns 33,736 shares of the energy producer's stock worth $3,543,000 after purchasing an additional 6,335 shares in the last quarter. Modern Wealth Management LLC increased its stake in shares of ConocoPhillips by 18.6% during the 1st quarter. Modern Wealth Management LLC now owns 15,149 shares of the energy producer's stock worth $1,591,000 after purchasing an additional 2,379 shares in the last quarter. Finally, Birmingham Capital Management Co. Inc. AL increased its stake in shares of ConocoPhillips by 10.4% during the 1st quarter. Birmingham Capital Management Co. Inc. AL now owns 5,309 shares of the energy producer's stock worth $558,000 after purchasing an additional 500 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction dated Monday, June 16th. The shares were acquired at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.24% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Melius Research assumed coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective for the company. Citigroup decreased their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Royal Bank Of Canada lowered their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Susquehanna decreased their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Finally, Roth Capital restated a "buy" rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus target price of $120.86.

ConocoPhillips Trading Down 1.6%

Shares of COP stock traded down $1.53 during mid-day trading on Friday, reaching $92.60. The company's stock had a trading volume of 5,169,385 shares, compared to its average volume of 5,775,860. The company's 50 day simple moving average is $94.75 and its 200-day simple moving average is $92.92. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $115.65 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 2.43 and a beta of 0.69.

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 analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the firm posted $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 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

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.