Violich Capital Management Inc. Sells 11,335 Shares of ConocoPhillips $COP

Key Points

• Violich Capital Management Inc. reduced its stake in ConocoPhillips by 17.1%, selling 11,335 shares during the second quarter, leaving them with 54,884 shares valued at $4.93 million.
• ConocoPhillips' latest earnings report showed $1.42 earnings per share, exceeding analysts' estimates, with revenue of $14.94 billion, a year-over-year increase of 4.3%.
• The company recently declared a quarterly dividend of $0.78 per share, representing an annualized yield of 3.6% and a payout ratio of 41.88%.

Violich Capital Management Inc. reduced its stake in ConocoPhillips (NYSE:COP - Free Report) by 17.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,884 shares of the energy producer's stock after selling 11,335 shares during the period. Violich Capital Management Inc.'s holdings in ConocoPhillips were worth $4,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in shares of ConocoPhillips by 379.7% in 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 purchasing an additional 31,736,423 shares during the period. Wellington Management Group LLP increased its position in shares of ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer's stock valued at $3,319,746,000 after acquiring an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after purchasing an additional 2,080,625 shares during the period. Ameriprise Financial Inc. grew its holdings in ConocoPhillips by 15.1% during the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer's stock worth $861,490,000 after purchasing an additional 1,073,906 shares during the period. Finally, Nuveen LLC bought a new position in ConocoPhillips during the first quarter worth about $658,981,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Down 0.4%

Shares of NYSE:COP opened at $86.53 on Friday. The company has a market capitalization of $108.07 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 2.32 and a beta of 0.62. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $115.38. The company has a fifty day moving average of $94.04 and a 200-day moving average of $91.93. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips's quarterly 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. On average, equities analysts predict 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 Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips's dividend payout ratio is 41.88%.

Analyst Ratings Changes

COP has been the subject of a number of research analyst reports. Scotiabank boosted their price objective on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Piper Sandler lowered their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, October 13th. Morgan Stanley lowered their price objective on shares of ConocoPhillips from $123.00 to $122.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. Wall Street Zen downgraded shares of ConocoPhillips from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of ConocoPhillips in a research report on Wednesday, October 8th. Seventeen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $115.00.

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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