Northern Trust Corp Has $1.33 Billion Stock Position in ConocoPhillips $COP

Northern Trust Corp lowered its stake in shares of ConocoPhillips (NYSE:COP) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,673,007 shares of the energy producer’s stock after selling 1,084,828 shares during the period. Northern Trust Corp’s holdings in ConocoPhillips were worth $1,330,919,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of ConocoPhillips by 13.8% in 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 buying an additional 5,549,078 shares during the period. Elevation Point Wealth Partners LLC raised its stake in ConocoPhillips by 83.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock worth $1,897,000 after buying an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. lifted its holdings in ConocoPhillips by 159.6% during the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock worth $5,125,000 after acquiring an additional 30,000 shares in the last quarter. Aberdeen Group plc grew its stake in ConocoPhillips by 49.3% in the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock valued at $83,969,000 after acquiring an additional 264,726 shares during the period. Finally, ORG Wealth Partners LLC increased its holdings in shares of ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock worth $698,000 after acquiring an additional 5,922 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays decreased their price objective on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley reissued an “overweight” rating and set a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. UBS Group increased their price objective on ConocoPhillips from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Bank of America reduced their price target on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a research report on Friday, May 23rd. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $120.84.

ConocoPhillips Trading Down 0.3%

Shares of NYSE:COP opened at $95.39 on Monday. The stock has a market cap of $119.14 billion, a PE ratio of 12.80, a P/E/G ratio of 2.48 and a beta of 0.67. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The business has a 50 day moving average of $93.61 and a 200-day moving average of $93.35.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same quarter in the prior year, the business posted $1.98 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips’s payout ratio is currently 41.88%.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson bought 5,300 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. The trade was a 57.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is 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.