Pacer Advisors Inc. Sells 328,669 Shares of ConocoPhillips (NYSE:COP)

Pacer Advisors Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 79.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,076 shares of the energy producer’s stock after selling 328,669 shares during the period. Pacer Advisors Inc.’s holdings in ConocoPhillips were worth $9,502,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. acquired a new stake in shares of ConocoPhillips during the 4th quarter worth $13,468,000. Harbor Investment Advisory LLC increased its holdings in ConocoPhillips by 2.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after buying an additional 212 shares during the period. First Trust Direct Indexing L.P. raised its position in shares of ConocoPhillips by 5.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after buying an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $30,021,000. Finally, EP Wealth Advisors LLC increased its stake in ConocoPhillips by 19.1% in the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after acquiring an additional 4,578 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $109.69 on Tuesday. The firm has a market cap of $127.38 billion, a P/E ratio of 12.42, a P/E/G ratio of 0.80 and a beta of 1.22. The stock’s 50 day moving average is $109.66 and its 200 day moving average is $116.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. ConocoPhillips’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.84 earnings per share. As a group, research analysts expect that ConocoPhillips will post 8.41 EPS for the current year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio is 26.27%.

Analysts Set New Price Targets

COP has been the topic of a number of research analyst reports. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Bank of America reaffirmed a “buy” rating and issued a $147.00 price objective on shares of ConocoPhillips in a research note on Friday, June 14th. UBS Group lowered their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Sanford C. Bernstein reduced their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company lowered their price objective on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $142.29.

Insider Activity

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.34% of the stock is owned by company insiders.

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.