Cornerstone Advisors LLC Has $6.62 Million Stock Holdings in ConocoPhillips (NYSE:COP)

Cornerstone Advisors LLC decreased its position in shares of ConocoPhillips (NYSE:COP) by 0.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 57,900 shares of the energy producer’s stock after selling 300 shares during the quarter. Cornerstone Advisors LLC’s holdings in ConocoPhillips were worth $6,623,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of ConocoPhillips by 35.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after acquiring an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of ConocoPhillips by 512.8% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock valued at $433,757,000 after acquiring an additional 3,127,165 shares during the last quarter. Capital International Investors raised its position in shares of ConocoPhillips by 9.6% during the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after acquiring an additional 1,856,085 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of ConocoPhillips by 46.0% during the 1st quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after acquiring an additional 1,015,158 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of ConocoPhillips by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 14,986,970 shares of the energy producer’s stock valued at $1,907,542,000 after acquiring an additional 826,529 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Trading Up 0.6 %

ConocoPhillips stock opened at $103.50 on Monday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The stock has a market capitalization of $121.05 billion, a P/E ratio of 11.72, a PEG ratio of 0.78 and a beta of 1.22. The stock has a 50-day simple moving average of $110.16 and a 200 day simple moving average of $116.73. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33.

ConocoPhillips (NYSE:COP) last issued 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 during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the previous year, the company posted $1.84 earnings per share. The business’s revenue was up 9.7% on a year-over-year basis. Analysts expect that ConocoPhillips will post 8.41 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.24%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

Analyst Ratings Changes

COP has been the topic of several research analyst reports. Wells Fargo & Company dropped their price objective on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Susquehanna dropped their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Wolfe Research assumed coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a research note on Friday. Finally, Scotiabank dropped their price target on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus target price of $143.24.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.34% of the company’s stock.

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.