King Luther Capital Management Corp Cuts Stock Holdings in ConocoPhillips $COP

King Luther Capital Management Corp trimmed its holdings in ConocoPhillips (NYSE:COP) by 3.9% in the second quarter, HoldingsChannel reports. The fund owned 2,278,174 shares of the energy producer’s stock after selling 92,183 shares during the period. ConocoPhillips makes up 0.9% of King Luther Capital Management Corp’s investment portfolio, making the stock its 29th biggest position. King Luther Capital Management Corp’s holdings in ConocoPhillips were worth $204,443,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Navalign LLC raised its holdings in ConocoPhillips by 1.1% in the 2nd quarter. Navalign LLC now owns 9,918 shares of the energy producer’s stock worth $890,000 after purchasing an additional 108 shares in the last quarter. Tritonpoint Wealth LLC raised its stake in ConocoPhillips by 1.3% during the 2nd quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock valued at $747,000 after buying an additional 110 shares during the last quarter. Iowa State Bank lifted its stake in shares of ConocoPhillips by 0.5% in the 2nd quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after purchasing an additional 110 shares during the period. First National Bank Sioux Falls grew its stake in shares of ConocoPhillips by 4.6% during the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock valued at $231,000 after acquiring an additional 113 shares during the period. Finally, KLCM Advisors Inc. raised its stake in ConocoPhillips by 2.6% during the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock valued at $473,000 after purchasing an additional 115 shares during the period. 82.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on COP shares. Royal Bank Of Canada upped their target price on shares of ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Melius started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price target on the stock. JPMorgan Chase & Co. cut their target price on ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating on the stock in a research report on Friday. Weiss Ratings raised ConocoPhillips from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Finally, UBS Group dropped their price objective on ConocoPhillips from $115.00 to $98.00 in a report on Tuesday, October 28th. Eighteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.54.

ConocoPhillips Trading Up 1.3%

Shares of COP stock opened at $86.82 on Friday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The stock has a market cap of $108.43 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 2.36 and a beta of 0.58. The company’s 50-day moving average price is $91.58 and its 200-day moving average price is $92.00. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $15.03 billion for the quarter, compared to the consensus estimate of $14.51 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.78 earnings per share. As a group, equities analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a $0.84 dividend. The ex-dividend date of this dividend is Monday, November 17th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a yield of 3.9%. ConocoPhillips’s dividend payout ratio is currently 41.88%.

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.