Invesco Ltd. Sells 1,524,415 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Invesco Ltd. reduced its stake in ConocoPhillips by 9.8%, owning 14,045,831 shares valued at approximately $1.48 billion following the sale of 1,524,415 shares.
• ConocoPhillips declared a quarterly dividend of $0.78 per share, set to be paid on September 2nd, reflecting an annualized yield of 3.3%.
• Analysts maintain a consensus "Moderate Buy" rating for ConocoPhillips, with a price target averaging $120.63 per share.

Invesco Ltd. trimmed its position in ConocoPhillips (NYSE:COP - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,045,831 shares of the energy producer's stock after selling 1,524,415 shares during the quarter. Invesco Ltd. owned approximately 1.11% of ConocoPhillips worth $1,475,093,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COP. Price T Rowe Associates Inc. MD grew its position in shares of 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 buying an additional 5,549,078 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after buying an additional 31,736,423 shares during the period. Capital International Investors grew its position in shares of 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 buying an additional 1,473,027 shares during the period. Northern Trust Corp grew its position in shares of ConocoPhillips by 27.6% in the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of ConocoPhillips by 9.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 12,021,394 shares of the energy producer's stock valued at $1,191,984,000 after purchasing an additional 1,078,707 shares during the period. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

Shares of COP traded up $0.41 during trading hours on Wednesday, hitting $95.00. The company had a trading volume of 260,942 shares, compared to its average volume of 8,121,494. The firm has a market cap of $118.65 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 2.43 and a beta of 0.67. The business has a fifty day moving average of $93.04 and a 200-day moving average of $93.54. 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.

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

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.78 per share. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.24% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on COP. Royal Bank Of Canada decreased their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research report on Friday, July 11th. Piper Sandler reaffirmed an "overweight" rating and set a $123.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Tuesday, July 15th. Morgan Stanley reaffirmed an "overweight" rating and set a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday. Bank of America reduced their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, Mizuho reduced their price target on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of "Moderate Buy" and a consensus target price of $120.84.

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.