Procyon Advisors LLC Reduces Stock Holdings in ConocoPhillips $COP

Key Points

• Procyon Advisors LLC reduced its stake in ConocoPhillips (COP) by 26.5%, selling 5,116 shares, and now holds 14,206 shares valued at approximately $1.275 million.
• Institutional investors control 82.36% of ConocoPhillips, with several major firms such as Charles Schwab and Goldman Sachs significantly increasing their positions in the company.
• ConocoPhillips reported earnings of $1.42 per share for the last quarter, surpassing estimates, with a revenue of $14.94 billion, reflecting a 4.3% increase from the previous year.

Procyon Advisors LLC trimmed its stake in ConocoPhillips (NYSE:COP - Free Report) by 26.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,206 shares of the energy producer's stock after selling 5,116 shares during the period. Procyon Advisors LLC's holdings in ConocoPhillips were worth $1,275,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in shares of ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP boosted its stake in ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer's stock worth $3,319,746,000 after buying an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after buying an additional 2,080,625 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer's stock worth $861,490,000 after buying an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in ConocoPhillips in the first quarter worth approximately $658,981,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Down 1.7%

Shares of NYSE:COP traded down $1.59 on Friday, hitting $91.89. 15,283,514 shares of the company traded hands, compared to its average volume of 5,903,118. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $94.59 and a 200-day simple moving average of $92.91. The company has a market cap of $114.77 billion, a PE ratio of 12.33, a PEG ratio of 2.46 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 EPS for the quarter, beating 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 company had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same period last year, the firm posted $1.98 earnings per share. ConocoPhillips's revenue was up 4.3% compared to the same quarter last year. As a group, research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is presently 41.88%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Scotiabank upped their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Bank of America dropped their price objective on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Wells Fargo & Company restated an "overweight" rating and set a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Citigroup decreased their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Finally, Mizuho decreased their target price on ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $120.62.

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.