ConocoPhillips $COP Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 1.3% in the first quarter, Holdings Channel reports. The fund owned 13,049 shares of the energy producer’s stock after selling 172 shares during the period. Cigna Investments Inc. New’s holdings in ConocoPhillips were worth $1,370,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Elevation Point Wealth Partners LLC lifted its holdings in shares of ConocoPhillips by 83.0% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock valued at $1,897,000 after buying an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. lifted its holdings in shares of ConocoPhillips by 159.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock valued at $5,125,000 after buying an additional 30,000 shares during the period. Aberdeen Group plc lifted its holdings in shares of ConocoPhillips by 49.3% in the 1st quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock valued at $83,969,000 after buying an additional 264,726 shares during the period. ORG Wealth Partners LLC lifted its holdings in shares of ConocoPhillips by 853.3% in the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock valued at $698,000 after buying an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. lifted its holdings in shares of ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock valued at $9,580,000 after buying an additional 54,900 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COP has been the subject of several recent analyst reports. Raymond James Financial raised their price target on ConocoPhillips from $109.00 to $117.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Scotiabank raised their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a report on Friday, July 11th. Wall Street Zen downgraded ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Friday, August 22nd. Citigroup cut their price target on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, June 11th. Finally, Melius began coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective on the stock. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and a consensus target price of $120.95.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of ConocoPhillips stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company’s stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $99.06 on Monday. The company has a market cap of $123.72 billion, a P/E ratio of 13.30, a P/E/G ratio of 2.60 and a beta of 0.69. The business has a fifty day simple moving average of $94.16 and a 200-day simple moving average of $93.16. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion during 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 business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.98 earnings per share. Equities research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Monday, August 18th will be paid a $0.78 dividend. The ex-dividend date is Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.1%. ConocoPhillips’s payout ratio is 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.