Cornerstone Advisors LLC Has $6.62 Million Stock Position in ConocoPhillips (NYSE:COP)

Cornerstone Advisors LLC lowered its stake in shares of ConocoPhillips (NYSE:COP) by 0.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,900 shares of the energy producer’s stock after selling 300 shares during the period. Cornerstone Advisors LLC’s holdings in ConocoPhillips were worth $6,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Gilbert & Cook Inc. raised its holdings in shares of ConocoPhillips by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 13,438 shares of the energy producer’s stock worth $1,560,000 after acquiring an additional 483 shares during the last quarter. Meridian Wealth Management LLC raised its holdings in shares of ConocoPhillips by 9.2% in the 4th quarter. Meridian Wealth Management LLC now owns 2,919 shares of the energy producer’s stock worth $339,000 after acquiring an additional 247 shares during the last quarter. Main Street Financial Solutions LLC raised its holdings in shares of ConocoPhillips by 10.6% in the 4th quarter. Main Street Financial Solutions LLC now owns 3,168 shares of the energy producer’s stock worth $368,000 after acquiring an additional 304 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of ConocoPhillips by 35.1% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 88,852 shares of the energy producer’s stock worth $10,313,000 after acquiring an additional 23,067 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of ConocoPhillips in the 4th quarter worth about $41,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the topic of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a report on Friday. Scotiabank decreased their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. Mizuho decreased their price objective on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, June 5th. Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Barclays increased their price objective on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average target price of $143.24.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now owns 455,909 shares in the company, valued at approximately $49,288,321.99. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

NYSE COP opened at $103.50 on Monday. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The stock has a market capitalization of $121.05 billion, a PE ratio of 11.72, a P/E/G ratio of 0.78 and a beta of 1.22. The company’s 50 day simple moving average is $110.16 and its two-hundred day simple moving average is $116.73.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.84 EPS. Analysts predict that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is currently 26.27%.

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.