Summit Global Investments Sells 12,390 Shares of ConocoPhillips $COP

Key Points

• Summit Global Investments cut its stake in ConocoPhillips by 66.9% in the first quarter, selling 12,390 shares and leaving it with 6,142 shares valued at about $811,000.
• Institutional ownership remains high, with 82.36% of ConocoPhillips shares held by institutional investors, even as several other funds made smaller additions to their positions.
• Analysts remain broadly constructive: ConocoPhillips has a Moderate Buy consensus rating, though several firms trimmed price targets; the stock also recently paid a $0.84 quarterly dividend yielding about 2.9%.

Summit Global Investments decreased its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 66.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,142 shares of the energy producer's stock after selling 12,390 shares during the period. Summit Global Investments' holdings in ConocoPhillips were worth $811,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Patten Group Inc. lifted its holdings in ConocoPhillips by 1.5% in the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer's stock worth $719,000 after purchasing an additional 83 shares during the last quarter. IFC Advisors LLC grew its holdings in ConocoPhillips by 0.4% during the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer's stock valued at $2,664,000 after purchasing an additional 84 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in ConocoPhillips by 9.6% during the first quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer's stock valued at $124,000 after purchasing an additional 88 shares during the last quarter. Blue Trust Inc. raised its position in shares of ConocoPhillips by 0.4% in the first quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer's stock valued at $2,791,000 after purchasing an additional 92 shares during the period. Finally, Sigma Planning Corp raised its position in shares of ConocoPhillips by 0.6% in the first quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer's stock valued at $2,120,000 after purchasing an additional 94 shares during the period. 82.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on COP. Raymond James Financial decreased their price objective on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a report on Monday, June 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of ConocoPhillips in a report on Wednesday, June 3rd. Citigroup boosted their target price on shares of ConocoPhillips from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Mizuho decreased their price target on shares of ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a report on Tuesday, July 7th. Finally, UBS Group lowered their price target on ConocoPhillips from $155.00 to $143.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $134.16.

ConocoPhillips Stock Up 1.5%

COP opened at $117.40 on Wednesday. The business has a 50 day moving average of $113.48 and a 200-day moving average of $113.84. The stock has a market capitalization of $143.03 billion, a price-to-earnings ratio of 19.93, a P/E/G ratio of 1.40 and a beta of 0.12. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips's revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.09 earnings per share. As a group, sell-side analysts anticipate that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is currently 57.05%.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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