Cullinan Associates Inc. Trims Holdings in ConocoPhillips (COP)

Cullinan Associates Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 7.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,200 shares of the energy producer’s stock after selling 900 shares during the period. Cullinan Associates Inc.’s holdings in ConocoPhillips were worth $867,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Atlantic Trust Group LLC increased its holdings in shares of ConocoPhillips by 1.4% in the 1st quarter. Atlantic Trust Group LLC now owns 74,827 shares of the energy producer’s stock worth $4,435,000 after buying an additional 1,022 shares during the last quarter. CIBC World Markets Inc. increased its holdings in shares of ConocoPhillips by 55.6% in the 1st quarter. CIBC World Markets Inc. now owns 24,932 shares of the energy producer’s stock worth $1,478,000 after buying an additional 8,904 shares during the last quarter. WINTON GROUP Ltd increased its holdings in shares of ConocoPhillips by 36.0% in the 1st quarter. WINTON GROUP Ltd now owns 72,984 shares of the energy producer’s stock worth $4,327,000 after buying an additional 19,330 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of ConocoPhillips by 6,780.7% in the 1st quarter. Summit Trail Advisors LLC now owns 307,293 shares of the energy producer’s stock worth $307,000 after buying an additional 302,827 shares during the last quarter. Finally, Suntrust Banks Inc. increased its holdings in shares of ConocoPhillips by 31.9% in the 1st quarter. Suntrust Banks Inc. now owns 261,258 shares of the energy producer’s stock worth $15,488,000 after buying an additional 63,226 shares during the last quarter. Institutional investors own 71.44% of the company’s stock.

A number of analysts have recently weighed in on COP shares. Morgan Stanley boosted their target price on shares of ConocoPhillips from $84.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, September 26th. Goldman Sachs Group cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating in a research note on Monday, October 1st. Zacks Investment Research cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Monday, August 20th. Citigroup lifted their price target on shares of ConocoPhillips from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 5th. Finally, Bank of America cut shares of ConocoPhillips from a “buy” rating to a “neutral” rating and set a $80.00 price target for the company. in a research note on Thursday, September 6th. Eight investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $74.05.

ConocoPhillips stock opened at $72.49 on Friday. The stock has a market capitalization of $84.23 billion, a price-to-earnings ratio of 120.82, a P/E/G ratio of 1.82 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.58. ConocoPhillips has a 1 year low of $48.97 and a 1 year high of $80.24.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, July 26th. The energy producer reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.79 billion. ConocoPhillips had a net margin of 13.26% and a return on equity of 10.26%. During the same period in the previous year, the company earned $0.14 EPS. As a group, research analysts expect that ConocoPhillips will post 4.43 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, October 15th will be given a $0.305 dividend. This represents a $1.22 annualized dividend and a yield of 1.68%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. The ex-dividend date is Friday, October 12th. ConocoPhillips’s payout ratio is 203.33%.

ConocoPhillips announced that its board has initiated a stock repurchase plan on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

In other ConocoPhillips news, Chairman Ryan Michael Lance sold 160,064 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $72.07, for a total value of $11,535,812.48. Following the completion of the sale, the chairman now directly owns 106,312 shares of the company’s stock, valued at approximately $7,661,905.84. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Janet Langford Kelly sold 50,000 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the completion of the sale, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at $2,982,440.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is owned by corporate insiders.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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