LGT Fund Management Co Ltd. Trims Stock Position in ConocoPhillips $COP

LGT Fund Management Co Ltd. cut its position in shares of ConocoPhillips (NYSE:COP) by 24.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,337 shares of the energy producer’s stock after selling 19,852 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in ConocoPhillips were worth $5,415,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC increased its stake in ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock worth $1,897,000 after acquiring an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. increased its stake 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 during the last quarter. Aberdeen Group plc increased its stake in ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock worth $83,969,000 after acquiring an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC increased its stake in ConocoPhillips by 853.3% during 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 during the last quarter. Finally, Hennessy Advisors Inc. increased its stake in ConocoPhillips by 151.1% during the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock worth $9,580,000 after acquiring an additional 54,900 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $94.17 on Friday. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The business has a 50 day moving average price of $94.92 and a two-hundred day moving average price of $92.91. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The firm has a market cap of $117.61 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 2.46 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter last year, the firm earned $1.98 EPS. ConocoPhillips’s quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is currently 41.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company restated an “overweight” rating and set a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Mizuho lowered their target price on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Morgan Stanley reiterated an “overweight” rating and issued a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, Royal Bank Of Canada lowered their target price on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.14.

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.