TCW Group Inc. Lowers Holdings in ConocoPhillips (NYSE:COP)

Key Points

• TCW Group Inc. has reduced its stake in ConocoPhillips by 19.4%, owning 74,927 shares worth $7,869,000 after selling 18,018 shares in the first quarter.
• Several large investors have recently entered positions in ConocoPhillips, with institutional investors owning 82.36% of the stock.
• Analysts have set varying price targets for ConocoPhillips, with the consensus rating being a “Moderate Buy” and an average target price of $121.33.

TCW Group Inc. reduced its stake in ConocoPhillips (NYSE:COP - Free Report) by 19.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,927 shares of the energy producer's stock after selling 18,018 shares during the period. TCW Group Inc.'s holdings in ConocoPhillips were worth $7,869,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. 10Elms LLP purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $28,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips during the first quarter worth approximately $35,000. IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips during the first quarter worth approximately $37,000. Fourth Dimension Wealth LLC purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $39,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of ConocoPhillips during the first quarter worth approximately $42,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

Shares of COP stock traded down $0.88 during mid-day trading on Thursday, reaching $95.80. The stock had a trading volume of 2,017,815 shares, compared to its average volume of 8,160,077. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a market cap of $121.10 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 2.55 and a beta of 0.61. The business has a 50-day simple moving average of $91.64 and a 200 day simple moving average of $94.29. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. On average, sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.26%. ConocoPhillips's dividend payout ratio (DPR) is currently 39.64%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Barclays lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley reaffirmed an "overweight" rating and set a $119.00 price target on shares of ConocoPhillips in a report on Tuesday, July 15th. Piper Sandler reaffirmed an "overweight" rating and set a $123.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Royal Bank Of Canada decreased their price target on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Finally, Scotiabank increased their price target on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.33.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the stock in a transaction on Monday, June 16th. The stock was bought at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.24% of the company's stock.

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.