Nearwater Capital Markets Ltd Cuts Holdings in ConocoPhillips $COP

Key Points

• Nearwater Capital Markets Ltd reduced its holdings in ConocoPhillips by 42.9%, selling 150,000 shares, and now owns 200,000 shares valued at approximately $21 million.
• ConocoPhillips reported a quarterly earnings per share of $1.42, exceeding analysts' expectations and generating a revenue of $14.94 billion for the period.
• The company announced a quarterly dividend of $0.78 per share, representing an annual yield of 3.3%, with a payout ratio of 41.88%.

Nearwater Capital Markets Ltd reduced its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 42.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,000 shares of the energy producer's stock after selling 150,000 shares during the period. Nearwater Capital Markets Ltd's holdings in ConocoPhillips were worth $21,004,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Elevation Point Wealth Partners LLC boosted its position in shares of ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock worth $1,897,000 after buying an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. boosted its holdings in 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 during the period. Aberdeen Group plc boosted its holdings in ConocoPhillips by 49.3% in the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock valued at $83,969,000 after purchasing an additional 264,726 shares during the period. ORG Wealth Partners LLC boosted its holdings in 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 during the period. Finally, Hennessy Advisors Inc. boosted its holdings in 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 during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP stock traded down $1.60 on Monday, reaching $91.35. The company had a trading volume of 9,746,249 shares, compared to its average volume of 6,179,341. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company's fifty day moving average is $94.79 and its 200 day moving average is $93.04. The company has a market cap of $114.09 billion, a P/E ratio of 12.26, a PEG ratio of 2.43 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping 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 quarter in the prior year, the company 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 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 Tuesday, September 2nd. Shareholders 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 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is currently 41.88%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COP. Melius began coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price target for the company. Royal Bank Of Canada decreased their price target on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. 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. UBS Group boosted their price target on ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $120.86.

Insider Buying and Selling at ConocoPhillips

In other news, EVP Kirk L. Johnson bought 5,300 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, with a total value of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

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.