Clifford Swan Investment Counsel LLC Reduces Holdings in ConocoPhillips (NYSE:COP)

Clifford Swan Investment Counsel LLC reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,413 shares of the energy producer’s stock after selling 307 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in ConocoPhillips were worth $11,371,000 at the end of the most recent quarter.

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

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $106.52 on Monday. 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 twelve month low of $102.27 and a twelve month high of $135.18. The company’s 50-day moving average price is $111.20 and its 200-day moving average price is $117.02. The company has a market cap of $123.70 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 0.80 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last issued 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 for the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.84 earnings per share. On average, equities research analysts forecast that ConocoPhillips will post 8.42 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 26.27%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Sanford C. Bernstein lowered their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Scotiabank lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research note on Friday, July 12th. Bank of America reiterated a “buy” rating and issued a $147.00 price target on shares of ConocoPhillips in a research note on Friday, June 14th. Truist Financial dropped their price objective on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com cut ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Five research 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.24.

Insider Transactions at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of the 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 sale, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.