Logan Capital Management Inc. Sells 5,959 Shares of ConocoPhillips $COP

Logan Capital Management Inc. decreased its position in shares of ConocoPhillips (NYSE:COP) by 6.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 88,663 shares of the energy producer’s stock after selling 5,959 shares during the period. Logan Capital Management Inc.’s holdings in ConocoPhillips were worth $7,957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in COP. Charles Schwab Investment Management Inc. lifted its position in ConocoPhillips by 379.7% during the first 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 buying an additional 31,736,423 shares during the period. Wellington Management Group LLP increased its stake in shares of ConocoPhillips by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after acquiring an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in ConocoPhillips by 30.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after acquiring an additional 2,080,625 shares during the period. Ameriprise Financial Inc. boosted its stake 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 acquiring an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC bought a new stake in ConocoPhillips during the first quarter worth about $658,981,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Raymond James Financial reduced their price objective on ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, September 8th. Evercore ISI lowered their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Monday, October 6th. Barclays cut their target price on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company assumed coverage on ConocoPhillips in a research report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price target for the company. Eighteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.63.

ConocoPhillips Stock Up 0.8%

ConocoPhillips stock opened at $88.71 on Tuesday. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The stock has a fifty day simple moving average of $93.22 and a two-hundred day simple moving average of $91.96. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The firm has a market cap of $110.79 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 2.35 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. During the same period last year, the firm posted $1.98 earnings per share. ConocoPhillips’s revenue was up 4.3% compared to the same quarter last year. Equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.5%. ConocoPhillips’s dividend payout ratio is currently 41.88%.

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.