Public Employees Retirement System of Ohio Sells 17,776 Shares of ConocoPhillips $COP

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in ConocoPhillips by 3.3%, selling 17,776 shares, bringing its total holdings to 516,327 shares valued at $46.3 million.
• ConocoPhillips recently announced a quarterly dividend of $0.78, which translates to an annualized yield of 3.3%, with a payout ratio of 41.88%.
• Analysts maintain a generally positive outlook for ConocoPhillips, with a consensus target price of $120.14 and 16 analysts rating the stock as a "Buy".

Public Employees Retirement System of Ohio lessened its position in ConocoPhillips (NYSE:COP - Free Report) by 3.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 516,327 shares of the energy producer's stock after selling 17,776 shares during the period. Public Employees Retirement System of Ohio's holdings in ConocoPhillips were worth $46,335,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Financial Network Wealth Advisors LLC lifted its position in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after purchasing an additional 222 shares during the period. Stone House Investment Management LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter worth about $31,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter worth about $35,000. IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter worth about $37,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its position in shares of ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock worth $38,000 after purchasing an additional 293 shares during the period. Institutional investors own 82.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. UBS Group raised their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Monday. Melius Research assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Susquehanna dropped their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Finally, Citigroup dropped their price objective on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $120.14.

ConocoPhillips Trading Up 1.5%

NYSE:COP opened at $93.40 on Wednesday. The company's 50-day simple moving average is $94.56 and its 200 day simple moving average is $92.98. The firm has a market capitalization of $116.65 billion, a P/E ratio of 12.54, a PEG ratio of 2.42 and a beta of 0.69. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP - Get Free Report) last issued 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. The firm had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business's revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.98 earnings per share. As a group, analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

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

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.

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