Kanawha Capital Management LLC Sells 164 Shares of ConocoPhillips $COP

Kanawha Capital Management LLC lowered its position in shares of ConocoPhillips (NYSE:COP) by 0.4% in the second quarter, HoldingsChannel reports. The fund owned 37,265 shares of the energy producer’s stock after selling 164 shares during the period. Kanawha Capital Management LLC’s holdings in ConocoPhillips were worth $3,344,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP increased its holdings in ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after purchasing an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after purchasing an additional 1,073,906 shares during the last quarter. Finally, Nuveen LLC bought a new stake in ConocoPhillips in the first quarter valued at about $658,981,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Down 0.4%

COP stock opened at $86.53 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a market capitalization of $108.07 billion, a P/E ratio of 11.61, a P/E/G ratio of 2.33 and a beta of 0.62. The business has a 50-day moving average of $94.04 and a 200-day moving average of $92.03. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The company had revenue of $14.94 billion during the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.98 earnings per share. On average, sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Piper Sandler decreased their target price on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 13th. Wells Fargo & Company initiated coverage on ConocoPhillips in a research note on Friday. They issued an “equal weight” rating and a $100.00 target price for the company. Scotiabank boosted their target price on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research note on Friday, July 11th. Finally, Melius Research initiated coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price for the company. Seventeen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.00.

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.