Hodges Capital Management Inc. Sells 10,298 Shares of ConocoPhillips (NYSE:COP)

Hodges Capital Management Inc. cut its holdings in shares of ConocoPhillips (NYSE:COP) by 23.3% in the 1st quarter, HoldingsChannel reports. The firm owned 33,916 shares of the energy producer’s stock after selling 10,298 shares during the quarter. Hodges Capital Management Inc.’s holdings in ConocoPhillips were worth $4,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of COP. Dark Forest Capital Management LP bought a new position in ConocoPhillips in the 3rd quarter worth about $247,000. Bank of Nova Scotia raised its stake in shares of ConocoPhillips by 173.6% during the third quarter. Bank of Nova Scotia now owns 274,291 shares of the energy producer’s stock worth $32,860,000 after acquiring an additional 174,049 shares in the last quarter. Caxton Associates LP purchased a new position in shares of ConocoPhillips during the third quarter worth approximately $815,000. Richard Bernstein Advisors LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter worth approximately $3,757,000. Finally, First Dallas Securities Inc. boosted its position in ConocoPhillips by 168.1% during the third quarter. First Dallas Securities Inc. now owns 10,625 shares of the energy producer’s stock valued at $1,273,000 after buying an additional 6,662 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on COP shares. Susquehanna increased their price target on shares of ConocoPhillips from $133.00 to $154.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Wells Fargo & Company increased their target price on shares of ConocoPhillips from $149.00 to $151.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Mizuho reduced their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a report on Wednesday, June 5th. Bank of America reiterated a “buy” rating and issued a $147.00 price objective on shares of ConocoPhillips in a report on Friday, June 14th. Finally, Morgan Stanley boosted their target price on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.18.

ConocoPhillips Stock Up 0.4 %

Shares of ConocoPhillips stock opened at $114.38 on Friday. The company has a 50-day simple moving average of $118.30 and a two-hundred day simple moving average of $117.58. The stock has a market capitalization of $133.77 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 2.04 and a beta of 1.22. ConocoPhillips has a 52-week low of $99.35 and a 52-week high of $135.18. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The business had revenue of $14.48 billion during the quarter, compared to analyst estimates of $14.72 billion. On average, analysts anticipate that ConocoPhillips will post 8.89 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Friday, May 10th. ConocoPhillips’s dividend payout ratio is 26.27%.

About ConocoPhillips

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.