Westwood Holdings Group Inc. Sells 79,089 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Westwood Holdings Group Inc. has significantly reduced its stake in ConocoPhillips by 48.4%, now owning 84,212 shares worth approximately $8.84 million.
• Several institutional investors increased their positions in ConocoPhillips, with notable increases such as GAMMA Investing LLC raising its stake by 10,440.1% in the first quarter.
• ConocoPhillips announced a quarterly dividend of $0.78 per share, translating to an annual yield of 3.3%, with a dividend payout ratio of 39.64%.

Westwood Holdings Group Inc. cut its position in ConocoPhillips (NYSE:COP - Free Report) by 48.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,212 shares of the energy producer's stock after selling 79,089 shares during the quarter. Westwood Holdings Group Inc.'s holdings in ConocoPhillips were worth $8,844,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after buying an additional 5,549,078 shares in the last quarter. Northern Trust Corp grew its position in ConocoPhillips by 27.6% during the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock worth $1,364,364,000 after buying an additional 2,971,661 shares in the last quarter. GAMMA Investing LLC lifted its stake in ConocoPhillips by 10,440.1% during the first quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after purchasing an additional 2,936,066 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in ConocoPhillips by 116.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,318,179 shares of the energy producer's stock worth $428,234,000 after purchasing an additional 2,324,080 shares during the last quarter. Finally, Capital International Investors lifted its stake in ConocoPhillips by 4.9% during the fourth quarter. Capital International Investors now owns 31,287,113 shares of the energy producer's stock worth $3,101,989,000 after purchasing an additional 1,473,027 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Trading Up 1.4%

NYSE:COP traded up $1.31 during trading hours on Friday, hitting $93.91. 8,764,610 shares of the company were exchanged, compared to its average volume of 6,026,880. The stock has a market capitalization of $118.72 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.35. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The company has a fifty day simple moving average of $92.77 and a 200 day simple moving average of $93.73.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 14.60% and a net margin of 15.26%. ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $1.98 EPS. Sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors 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 yield of 3.3%. The ex-dividend date of this dividend is Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is currently 39.64%.

Analysts Set New Price Targets

Several research firms have weighed in on COP. Piper Sandler restated an "overweight" rating and set a $123.00 target price (up from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Mizuho cut their target price on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Roth Capital restated a "buy" rating and set a $108.00 target price on shares of ConocoPhillips in a research note on Thursday. Morgan Stanley restated an "overweight" rating and set a $119.00 target price on shares of ConocoPhillips in a research note on Tuesday, July 15th. Finally, Scotiabank upped their target price on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $120.63.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The stock was purchased at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

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.