SCP Investment LP Sells 12,000 Shares of ConocoPhillips (NYSE:COP)

Key Points

• SCP Investment LP has reduced its holdings in ConocoPhillips by 31.9%, selling 12,000 shares, and now owns 25,668 shares, worth approximately $2,696,000.
• Institutional investors and hedge funds control 82.36% of ConocoPhillips' stock, indicating strong institutional interest in the company.
• ConocoPhillips recently declared a quarterly dividend of $0.78 per share, representing a 3.4% yield, reflecting a consistent income strategy for shareholders.

SCP Investment LP lessened its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 31.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,668 shares of the energy producer's stock after selling 12,000 shares during the period. ConocoPhillips accounts for 2.3% of SCP Investment LP's holdings, making the stock its 7th biggest holding. SCP Investment LP's holdings in ConocoPhillips were worth $2,696,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new position in ConocoPhillips in the fourth quarter valued at $13,198,000. Prudential PLC lifted its holdings in ConocoPhillips by 149.7% in the fourth quarter. Prudential PLC now owns 18,924 shares of the energy producer's stock valued at $1,877,000 after buying an additional 11,345 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in ConocoPhillips in the fourth quarter valued at $37,494,000. KCM Investment Advisors LLC lifted its holdings in ConocoPhillips by 13.2% in the fourth quarter. KCM Investment Advisors LLC now owns 11,614 shares of the energy producer's stock valued at $1,152,000 after buying an additional 1,351 shares during the period. Finally, Aviva PLC lifted its holdings in ConocoPhillips by 12.2% in the fourth quarter. Aviva PLC now owns 50,453 shares of the energy producer's stock valued at $5,003,000 after buying an additional 5,472 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson purchased 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, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.24% of the company's stock.

Analyst Ratings Changes

COP has been the topic of several recent analyst reports. Mizuho dropped their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Citigroup decreased their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Barclays decreased their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Susquehanna decreased their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Finally, Raymond James Financial lifted their price target 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. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $121.33.

ConocoPhillips Trading Down 2.7%

NYSE:COP opened at $92.75 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13. The firm has a 50-day moving average of $91.97 and a 200-day moving average of $94.07. The company has a market cap of $117.25 billion, a PE ratio of 11.79, a PEG ratio of 2.41 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 released its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The business had revenue of $16.18 billion for the quarter, compared to analysts' expectations of $15.74 billion. During the same period in the previous year, the company earned $2.05 earnings per share. As a group, equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.4%. ConocoPhillips's payout ratio is 39.64%.

About ConocoPhillips

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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