Summit Global Investments Trims Stock Position in ConocoPhillips $COP

Summit Global Investments cut its holdings in ConocoPhillips (NYSE:COP) by 6.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,536 shares of the energy producer’s stock after selling 1,354 shares during the period. Summit Global Investments’ holdings in ConocoPhillips were worth $1,753,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. HB Wealth Management LLC increased its position in shares of ConocoPhillips by 20.8% during the first quarter. HB Wealth Management LLC now owns 47,249 shares of the energy producer’s stock worth $4,962,000 after acquiring an additional 8,136 shares during the period. Cornerstone Advisory LLC grew its stake in ConocoPhillips by 7.6% during the 1st quarter. Cornerstone Advisory LLC now owns 3,198 shares of the energy producer’s stock worth $336,000 after purchasing an additional 227 shares in the last quarter. Texas Yale Capital Corp. increased its holdings in ConocoPhillips by 698.1% during the 1st quarter. Texas Yale Capital Corp. now owns 22,914 shares of the energy producer’s stock worth $2,406,000 after purchasing an additional 20,043 shares during the period. LPL Financial LLC increased its holdings in ConocoPhillips by 6.4% during the 1st quarter. LPL Financial LLC now owns 1,182,150 shares of the energy producer’s stock worth $124,149,000 after purchasing an additional 70,759 shares during the period. Finally, Prosperity Consulting Group LLC raised its position in ConocoPhillips by 47.6% in the 1st quarter. Prosperity Consulting Group LLC now owns 5,466 shares of the energy producer’s stock valued at $574,000 after purchasing an additional 1,763 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Up 0.4%

Shares of NYSE COP opened at $87.69 on Tuesday. The stock has a market capitalization of $108.36 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $111.96. The firm has a 50-day moving average price of $90.38 and a 200 day moving average price of $91.92. 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 (NYSE:COP) last issued its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. During the same period in the previous year, the firm posted $1.78 earnings per share. ConocoPhillips’s revenue was up 14.1% on a year-over-year basis. Equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a $0.84 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, November 17th. ConocoPhillips’s dividend payout ratio (DPR) is presently 47.52%.

Insider Activity

In other ConocoPhillips news, Director William H. Mcraven purchased 5,768 shares of the business’s stock in a transaction on Monday, November 10th. The stock was bought at an average cost of $86.68 per share, for a total transaction of $499,970.24. Following the acquisition, the director owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating for the company in a research note on Friday, November 7th. Wall Street Zen upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Royal Bank Of Canada boosted their target price on shares of ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Evercore ISI cut their price target on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a research note on Monday, October 6th. Finally, The Goldman Sachs Group decreased their price target on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating for the company in a report on Friday, October 17th. Nineteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.16.

ConocoPhillips Company 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.