Carnegie Investment Counsel Trims Holdings in ConocoPhillips $COP

Carnegie Investment Counsel reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,645 shares of the energy producer’s stock after selling 362 shares during the quarter. Carnegie Investment Counsel’s holdings in ConocoPhillips were worth $1,583,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in COP. Perpetual Ltd boosted its stake in shares of ConocoPhillips by 122.3% during the 1st quarter. Perpetual Ltd now owns 34,750 shares of the energy producer’s stock valued at $3,649,000 after buying an additional 19,119 shares during the last quarter. Diversified Trust Co raised its position in shares of ConocoPhillips by 96.9% during the 1st quarter. Diversified Trust Co now owns 23,305 shares of the energy producer’s stock valued at $2,447,000 after acquiring an additional 11,472 shares in the last quarter. Jaffetilchin Investment Partners LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at approximately $736,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of ConocoPhillips by 445.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,139,209 shares of the energy producer’s stock valued at $116,116,000 after acquiring an additional 930,202 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. raised its position in shares of ConocoPhillips by 159.6% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock valued at $5,125,000 after acquiring an additional 30,000 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on COP. BMO Capital Markets upped their price target on ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Wall Street Zen lowered ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Scotiabank upped their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, July 11th. Mizuho dropped their price target on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Finally, Morgan Stanley dropped their target price on ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Eighteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average price target of $115.63.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $88.01 on Friday. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $115.38. 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 business’s fifty day moving average price is $93.32 and its two-hundred day moving average price is $91.98. The firm has a market capitalization of $109.92 billion, a PE ratio of 11.81, a P/E/G ratio of 2.35 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last issued its earnings results 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 firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the company earned $1.98 earnings per share. On average, research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is 41.88%.

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.