Northern Trust Corp Has $1.33 Billion Holdings in ConocoPhillips $COP

Key Points

• Northern Trust Corp reduced its stake in ConocoPhillips by 7.9%, holding 12,673,007 shares valued at approximately $1.33 billion as of its latest SEC filing.
• ConocoPhillips reported a quarterly earnings per share (EPS) of $1.42, exceeding analysts' expectations of $1.36, with revenues of $14.94 billion during the quarter.
• The company announced a quarterly dividend of $0.78 per share, which translates to an annualized dividend yield of 3.3%.

Northern Trust Corp trimmed its stake in ConocoPhillips (NYSE:COP - Free Report) by 7.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,673,007 shares of the energy producer's stock after selling 1,084,828 shares during the quarter. Northern Trust Corp owned 1.00% of ConocoPhillips worth $1,330,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group grew its holdings in shares of ConocoPhillips by 40.1% during the 1st quarter. Brooklyn Investment Group now owns 9,223 shares of the energy producer's stock valued at $969,000 after acquiring an additional 2,640 shares in the last quarter. CacheTech Inc. increased its position in ConocoPhillips by 1.9% in the 1st quarter. CacheTech Inc. now owns 29,025 shares of the energy producer's stock worth $3,048,000 after purchasing an additional 530 shares during the last quarter. Corient IA LLC purchased a new stake in shares of ConocoPhillips during the 1st quarter worth about $268,000. Ethos Financial Group LLC bought a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $331,000. Finally, Cambiar Investors LLC acquired a new position in ConocoPhillips in the first quarter worth approximately $47,103,000. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $95.39 on Monday. The business has a 50 day simple moving average of $93.61 and a 200 day simple moving average of $93.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market capitalization of $119.14 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 2.48 and a beta of 0.67. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion during 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 business's revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $1.98 earnings per share. On average, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson acquired 5,300 shares of ConocoPhillips stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.24% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Raymond James Financial lifted their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Morgan Stanley reaffirmed an "overweight" rating and issued a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Susquehanna lowered 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. Wells Fargo & Company reiterated an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Finally, Roth Capital restated a "buy" rating and issued a $108.00 target price on shares of ConocoPhillips in a report on Thursday, August 7th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $120.84.

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.

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