Cornerstone Advisors LLC Sells 4,800 Shares of ConocoPhillips (NYSE:COP)

Cornerstone Advisors LLC trimmed its position in shares of ConocoPhillips (NYSE:COPFree Report) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,500 shares of the energy producer’s stock after selling 4,800 shares during the quarter. Cornerstone Advisors LLC’s holdings in ConocoPhillips were worth $6,888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC raised its stake in ConocoPhillips by 98,832.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 8,584,373 shares of the energy producer’s stock valued at $1,012,956,000 after acquiring an additional 8,575,696 shares during the period. Morgan Stanley boosted its stake in shares of ConocoPhillips by 26.6% during the fourth quarter. Morgan Stanley now owns 16,647,723 shares of the energy producer’s stock valued at $1,964,432,000 after purchasing an additional 3,497,750 shares during the period. Alphinity Investment Management Pty Ltd purchased a new stake in shares of ConocoPhillips during the third quarter valued at approximately $310,102,000. Cowa LLC raised its holdings in shares of ConocoPhillips by 6,475.2% during the first quarter. Cowa LLC now owns 2,375,224 shares of the energy producer’s stock valued at $2,383,000 after acquiring an additional 2,339,100 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $186,330,000. 80.36% of the stock is currently owned by institutional investors.

ConocoPhillips Price Performance

NYSE:COP traded up $0.13 during trading hours on Monday, reaching $111.29. The stock had a trading volume of 3,074,359 shares, compared to its average volume of 5,283,559. The stock has a market capitalization of $132.15 billion, a PE ratio of 12.27, a PEG ratio of 0.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.29 and a current ratio of 1.43. The company has a 50 day moving average price of $113.10 and a two-hundred day moving average price of $116.55. ConocoPhillips has a 52 week low of $91.53 and a 52 week high of $127.35.

ConocoPhillips (NYSE:COPGet Free Report) last posted its quarterly earnings data on Thursday, February 8th. The energy producer reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. ConocoPhillips had a return on equity of 22.08% and a net margin of 18.71%. The company had revenue of $15.31 billion during the quarter, compared to analysts’ expectations of $14.47 billion. During the same quarter in the previous year, the business earned $2.71 EPS. As a group, sell-side analysts anticipate that ConocoPhillips will post 9.45 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Monday, February 19th will be issued a dividend of $0.78 per share. The ex-dividend date is Thursday, February 15th. This represents a $3.12 dividend on an annualized basis and a yield of 2.80%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is presently 25.61%.

Wall Street Analyst Weigh In

COP has been the subject of a number of research reports. Mizuho decreased their price objective on ConocoPhillips from $139.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, January 3rd. Johnson Rice cut ConocoPhillips from an “accumulate” rating to a “hold” rating in a research report on Thursday, December 14th. UBS Group dropped their price objective on ConocoPhillips from $149.00 to $138.00 and set a “buy” rating on the stock in a research report on Thursday, December 14th. Scotiabank increased their price objective on ConocoPhillips from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, Royal Bank of Canada raised their target price on ConocoPhillips from $130.00 to $135.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 14th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $134.33.

Read Our Latest Analysis on ConocoPhillips

About ConocoPhillips

(Free Report)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.

Further Reading

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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