True North Advisors LLC Decreases Position in ConocoPhillips $COP

Key Points

• True North Advisors LLC has reduced its stake in ConocoPhillips by 20.6% during the second quarter, resulting in ownership of 16,541 shares valued at approximately $1.48 million.
• ConocoPhillips reported earnings of $1.42 per share for the last quarter, exceeding analysts' estimates, with revenue increasing by 4.3% year-over-year.
• The company recently declared a quarterly dividend of $0.78 per share, yielding approximately 3.2% annually, with a payout ratio of 41.88%.

True North Advisors LLC cut its position in ConocoPhillips (NYSE:COP - Free Report) by 20.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 16,541 shares of the energy producer's stock after selling 4,301 shares during the period. True North Advisors LLC's holdings in ConocoPhillips were worth $1,484,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of COP. Financial Network Wealth Advisors LLC raised its holdings in ConocoPhillips by 341.5% in the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after buying an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new stake in shares of ConocoPhillips in the first quarter worth approximately $31,000. Garde Capital Inc. bought a new stake in shares of ConocoPhillips in the first quarter worth approximately $35,000. IMA Advisory Services Inc. bought a new stake in shares of ConocoPhillips in the first quarter worth approximately $37,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its stake in shares of ConocoPhillips by 418.6% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock worth $38,000 after acquiring an additional 293 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COP has been the subject of a number of research analyst reports. Melius initiated coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price target for the company. BMO Capital Markets lifted their price target on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research note on Monday. UBS Group lifted their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Scotiabank lifted their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Finally, Susquehanna cut 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. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $120.14.

ConocoPhillips Stock Performance

COP opened at $96.72 on Friday. The firm has a market cap of $120.80 billion, a P/E ratio of 12.98, a PEG ratio of 2.52 and a beta of 0.69. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The company has a 50 day simple moving average of $94.72 and a two-hundred day simple moving average of $93.03. 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 posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company's revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.98 earnings per share. Equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

ConocoPhillips Company 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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