Davis Capital Management Sells 350 Shares of ConocoPhillips (NYSE:COP)

Davis Capital Management lowered its stake in shares of ConocoPhillips (NYSE:COP) by 43.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 448 shares of the energy producer’s stock after selling 350 shares during the period. Davis Capital Management’s holdings in ConocoPhillips were worth $47,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Mattson Financial Services LLC bought a new position in ConocoPhillips during the 2nd quarter worth approximately $2,142,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in ConocoPhillips by 10.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 202,375 shares of the energy producer’s stock worth $23,148,000 after purchasing an additional 19,268 shares during the period. Heritage Wealth Management Inc. bought a new position in shares of ConocoPhillips during the second quarter worth $1,366,000. Lazari Capital Management Inc. grew its holdings in shares of ConocoPhillips by 2.1% in the 2nd quarter. Lazari Capital Management Inc. now owns 12,803 shares of the energy producer’s stock valued at $1,464,000 after buying an additional 262 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of ConocoPhillips in the 2nd quarter valued at $29,201,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

COP opened at $110.36 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The business’s 50-day simple moving average is $108.67 and its 200 day simple moving average is $116.09. The firm has a market capitalization of $128.16 billion, a PE ratio of 12.50, a PEG ratio of 0.82 and a beta of 1.22. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the prior year, the business posted $1.84 EPS. The business’s revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts expect that ConocoPhillips will post 8.12 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently disclosed 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. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.10%. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Activity

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on COP shares. Scotiabank reduced their target price on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. UBS Group decreased their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Wolfe Research assumed coverage on ConocoPhillips in a research note on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. Finally, Susquehanna lowered their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $140.69.

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.