True North Advisors LLC Sells 3,336 Shares of ConocoPhillips (NYSE:COP)

Key Points

• True North Advisors LLC reduced its holdings in ConocoPhillips by 13.8% in the first quarter, after selling 3,336 shares, leaving them with 20,842 shares valued at approximately $2.19 million.
• Other institutional investors such as Charles Schwab Investment Management increased their stake in ConocoPhillips by 379.7%, now owning over 40 million shares valued at approximately $4.21 billion.
• ConocoPhillips reported a quarterly earnings per share of $1.42, surpassing analysts' expectations, and announced a quarterly dividend of $0.78 per share, yielding 3.3%.

True North Advisors LLC decreased its position in ConocoPhillips (NYSE:COP - Free Report) by 13.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,842 shares of the energy producer's stock after selling 3,336 shares during the period. True North Advisors LLC's holdings in ConocoPhillips were worth $2,189,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of COP. Charles Schwab Investment Management Inc. lifted its stake in ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after acquiring an additional 31,736,423 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after acquiring an additional 5,549,078 shares during the period. Northern Trust Corp lifted its stake in ConocoPhillips by 27.6% during the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after acquiring an additional 2,971,661 shares during the period. GAMMA Investing LLC lifted its stake in ConocoPhillips by 10,440.1% during the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock valued at $311,299,000 after acquiring an additional 2,936,066 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its stake in ConocoPhillips by 116.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 4,318,179 shares of the energy producer's stock valued at $428,234,000 after acquiring an additional 2,324,080 shares during the period. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Trading Up 1.4%

Shares of COP opened at $93.91 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.13. 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 $92.77 and a two-hundred day simple moving average of $93.73. The firm has a market cap of $118.72 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The firm 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%. ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $1.98 earnings per share. On average, equities analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is 39.64%.

Analysts Set New Price Targets

Several equities analysts have issued reports on COP shares. Mizuho lowered their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Raymond James Financial upped their price target on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $123.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Tuesday, July 15th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $119.00 price target on shares of ConocoPhillips in a research report on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $120.63.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was acquired at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.24% of the company's stock.

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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