Letko Brosseau & Associates Inc. Has $44.04 Million Position in ConocoPhillips (NYSE:COP)

Key Points

• Letko Brosseau & Associates Inc. reduced its stock holdings in ConocoPhillips by 2.1% in the first quarter, now owning 419,329 shares worth approximately $44 million.
• ConocoPhillips reported earnings of $2.09 per share for the last quarter, surpassing analyst expectations, and generated revenue of $16.18 billion.
• The company also declared a quarterly dividend of $0.78 per share, representing a 3.18% yield and a payout ratio of 39.64%.

Letko Brosseau & Associates Inc. lessened its stake in ConocoPhillips (NYSE:COP - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 419,329 shares of the energy producer's stock after selling 9,155 shares during the period. Letko Brosseau & Associates Inc.'s holdings in ConocoPhillips were worth $44,038,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in COP. Price T Rowe Associates Inc. MD raised its position in ConocoPhillips by 13.8% in the fourth 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 purchasing an additional 5,549,078 shares in the last quarter. Elevation Point Wealth Partners LLC raised its stake in shares of ConocoPhillips by 83.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after acquiring an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. increased its holdings in shares of ConocoPhillips by 159.6% in the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock valued at $5,125,000 after purchasing an additional 30,000 shares in the last quarter. ORG Wealth Partners LLC increased its holdings in shares of ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after purchasing an additional 5,922 shares in the last quarter. Finally, Hennessy Advisors Inc. increased its holdings in shares of ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock valued at $9,580,000 after purchasing an additional 54,900 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Down 1.4%

Shares of NYSE:COP traded down $1.35 during midday trading on Thursday, reaching $95.32. 5,648,062 shares of the company were exchanged, compared to its average volume of 5,351,251. 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. The stock has a fifty day simple moving average of $91.82 and a two-hundred day simple moving average of $94.23. The firm has a market cap of $120.50 billion, a PE ratio of 12.11, a P/E/G ratio of 2.52 and a beta of 0.61.

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

ConocoPhillips Announces Dividend

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

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.24% of the company's stock.

Analyst Ratings Changes

COP has been the subject of a number of analyst reports. Raymond James Financial lifted their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. UBS Group lifted their target price on shares of ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Mizuho lowered their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Finally, Scotiabank lifted their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.