ConocoPhillips $COP Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd has significantly reduced its stake in ConocoPhillips by 45.2%, bringing its holdings down to 19,045 shares worth approximately $1.7 million.
• Several hedge funds increased their positions in ConocoPhillips, with notable boosts from First National Bank Sioux Falls and KLCM Advisors Inc., reflecting strong institutional interest in the energy producer.
• ConocoPhillips reported better-than-expected quarterly earnings with an EPS of $1.42, exceeding analysts' estimates, and announced a quarterly dividend of $0.78 per share.

Perpetual Ltd cut its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 45.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,045 shares of the energy producer's stock after selling 15,705 shares during the period. Perpetual Ltd's holdings in ConocoPhillips were worth $1,709,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First National Bank Sioux Falls boosted its stake in ConocoPhillips by 4.6% during the second quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer's stock valued at $231,000 after buying an additional 113 shares during the last quarter. KLCM Advisors Inc. raised its position in ConocoPhillips by 2.6% during the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock valued at $473,000 after purchasing an additional 115 shares during the period. Deseret Mutual Benefit Administrators raised its position in ConocoPhillips by 3.9% during the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock valued at $334,000 after purchasing an additional 118 shares during the period. Piscataqua Savings Bank raised its position in ConocoPhillips by 3.5% during the first quarter. Piscataqua Savings Bank now owns 3,705 shares of the energy producer's stock valued at $389,000 after purchasing an additional 125 shares during the period. Finally, Citizens National Bank Trust Department raised its position in ConocoPhillips by 6.1% during the first quarter. Citizens National Bank Trust Department now owns 2,176 shares of the energy producer's stock valued at $229,000 after purchasing an additional 126 shares during the period. 82.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Scotiabank upped their price objective on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Wells Fargo & Company restated an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. UBS Group upped their price objective on ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Finally, Melius Research began coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 price objective on the stock. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $120.14.

ConocoPhillips Stock Performance

COP traded up $1.76 on Tuesday, reaching $93.77. The stock had a trading volume of 3,955,064 shares, compared to its average volume of 7,905,769. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The business's 50-day moving average price is $94.55 and its two-hundred day moving average price is $92.98. The company has a market cap of $117.11 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 2.42 and a beta of 0.69.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the previous year, the company earned $1.98 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips's payout ratio is presently 41.88%.

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.