AlTi Global Inc. Increases Stock Holdings in ConocoPhillips (NYSE:COP)

AlTi Global Inc. lifted its holdings in shares of ConocoPhillips (NYSE:COP) by 2.3% during the second quarter, HoldingsChannel.com reports. The fund owned 7,132 shares of the energy producer’s stock after purchasing an additional 162 shares during the quarter. AlTi Global Inc.’s holdings in ConocoPhillips were worth $816,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Cardinal Capital Management Inc. purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $13,468,000. Harbor Investment Advisory LLC grew its position in shares of ConocoPhillips by 2.2% during the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after acquiring an additional 212 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in shares of ConocoPhillips by 5.6% during the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after acquiring an additional 1,390 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in ConocoPhillips in the 2nd quarter valued at $30,021,000. Finally, EP Wealth Advisors LLC grew its position in ConocoPhillips by 19.1% in the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after buying an additional 4,578 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on COP. StockNews.com lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Wells Fargo & Company lowered their price objective on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Susquehanna lowered their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Mizuho lowered their price objective on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Scotiabank lowered their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.29.

ConocoPhillips Trading Down 2.9 %

NYSE:COP opened at $105.73 on Thursday. The company has a market capitalization of $122.78 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.86 and a beta of 1.22. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The stock has a fifty day simple moving average of $109.54 and a 200-day simple moving average of $116.55.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.84 EPS. On average, equities research analysts expect that ConocoPhillips will post 8.14 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

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.