Mattson Financial Services LLC Trims Position in ConocoPhillips $COP

Key Points

• Mattson Financial Services LLC reduced its stake in ConocoPhillips by 12.9%, holding 24,245 shares valued at approximately $2.18 million after selling 3,596 shares.
• Several hedge funds made significant adjustments to their positions, with Oxbow Advisors LLC increasing its stake by 369.1%, owning 164,364 shares valued at $14.75 million.
• Analysts have set new price targets for ConocoPhillips, with BMO Capital Markets raising its target from $115.00 to $117.00 and a consensus target price of $116.78 across multiple ratings.

Mattson Financial Services LLC lessened its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 12.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,245 shares of the energy producer's stock after selling 3,596 shares during the quarter. Mattson Financial Services LLC's holdings in ConocoPhillips were worth $2,176,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Oxbow Advisors LLC increased its position in ConocoPhillips by 369.1% during the second quarter. Oxbow Advisors LLC now owns 164,364 shares of the energy producer's stock valued at $14,750,000 after acquiring an additional 129,326 shares during the last quarter. Master S Wealth Management Inc. increased its position in ConocoPhillips by 54.9% in the second quarter. Master S Wealth Management Inc. now owns 3,307 shares of the energy producer's stock worth $297,000 after buying an additional 1,172 shares in the last quarter. Praxis Investment Management Inc. increased its position in ConocoPhillips by 4.9% in the second quarter. Praxis Investment Management Inc. now owns 75,664 shares of the energy producer's stock worth $6,790,000 after buying an additional 3,510 shares in the last quarter. Commons Capital LLC increased its position in ConocoPhillips by 6.7% in the second quarter. Commons Capital LLC now owns 2,797 shares of the energy producer's stock worth $251,000 after buying an additional 176 shares in the last quarter. Finally, Activest Wealth Management increased its position in ConocoPhillips by 249.5% in the second quarter. Activest Wealth Management now owns 325 shares of the energy producer's stock worth $29,000 after buying an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Scotiabank upped their price target on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Weiss Ratings restated a "hold (c-)" rating on shares of ConocoPhillips in a research report on Wednesday, October 8th. BMO Capital Markets upped their price target on ConocoPhillips from $115.00 to $117.00 and gave the stock an "outperform" rating in a research report on Monday. Mizuho reduced their price target on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Finally, Melius Research started coverage on ConocoPhillips in a research report on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price for the company. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $116.78.

ConocoPhillips Stock Performance

NYSE:COP opened at $86.83 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $115.38. The stock has a 50-day moving average price of $94.19 and a 200 day moving average price of $92.16. The stock has a market capitalization of $108.45 billion, a P/E ratio of 11.66, a P/E/G ratio of 2.35 and a beta of 0.62.

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

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

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.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.