Cornerstone Wealth Group LLC Sells 14,995 Shares of ConocoPhillips $COP

Cornerstone Wealth Group LLC reduced its position in ConocoPhillips (NYSE:COP) by 24.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,951 shares of the energy producer’s stock after selling 14,995 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in ConocoPhillips were worth $5,646,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of COP. Vanguard Group Inc. lifted its position in ConocoPhillips by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock worth $11,256,713,000 after buying an additional 408,304 shares during the last quarter. Capital International Investors boosted its stake in ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after buying an additional 2,714,663 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in ConocoPhillips by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after acquiring an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. grew its position in ConocoPhillips by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock valued at $1,407,770,000 after acquiring an additional 648,432 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of ConocoPhillips by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock worth $1,389,862,000 after acquiring an additional 193,401 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

Shares of COP stock opened at $105.63 on Friday. The company has a market capitalization of $128.69 billion, a P/E ratio of 17.93, a PEG ratio of 1.17 and a beta of 0.11. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The stock has a 50 day moving average price of $117.29 and a two-hundred day moving average price of $111.81.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm had revenue of $15.76 billion for the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter last year, the business earned $2.09 earnings per share. The business’s revenue was down 6.1% on a year-over-year basis. Analysts expect that ConocoPhillips will post 10.03 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips’s dividend payout ratio (DPR) is 57.05%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COP shares. Jefferies Financial Group boosted their price objective on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Susquehanna increased their target price on shares of ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Argus lifted their target price on shares of ConocoPhillips from $128.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Freedom Capital downgraded shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $134.04.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, CEO Ryan Michael Lance sold 113,221 shares of the business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $132.71, for a total value of $15,025,558.91. Following the transaction, the chief executive officer owned 350,000 shares in the company, valued at approximately $46,448,500. The trade was a 24.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is currently owned by company insiders.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.