Garrison Point Advisors LLC Sells 211 Shares of ConocoPhillips (NYSE:COP)

Garrison Point Advisors LLC cut its position in ConocoPhillips (NYSE:COP) by 6.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,096 shares of the energy producer’s stock after selling 211 shares during the quarter. Garrison Point Advisors LLC’s holdings in ConocoPhillips were worth $354,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of COP. Cardinal Capital Management Inc. purchased a new stake in ConocoPhillips during the fourth quarter valued at approximately $13,468,000. Harbor Investment Advisory LLC lifted its holdings in shares of ConocoPhillips by 2.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after purchasing an additional 212 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of ConocoPhillips by 5.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after purchasing an additional 1,390 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of ConocoPhillips in the 2nd quarter worth $30,021,000. Finally, EP Wealth Advisors LLC grew its stake in ConocoPhillips by 19.1% during the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after buying an additional 4,578 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 1.5 %

Shares of COP opened at $104.00 on Wednesday. The company has a market capitalization of $121.63 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 0.80 and a beta of 1.22. ConocoPhillips has a 52 week low of $102.27 and a 52 week high of $135.18. The stock’s 50-day moving average price is $110.82 and its 200-day moving average price is $116.93. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 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 analyst estimates of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.84 EPS. On average, sell-side analysts predict that ConocoPhillips will post 8.42 EPS for the current year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were issued a $0.58 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.23%. ConocoPhillips’s payout ratio is 26.27%.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Argus raised ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Wells Fargo & Company lowered their target price on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada upped their price target on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, May 15th. Scotiabank lowered 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. Finally, Barclays upped their target price on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Five equities 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $143.24.

ConocoPhillips Company 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.