New York Life Investment Management LLC Reduces Stock Position in ConocoPhillips (NYSE:COP)

New York Life Investment Management LLC cut its stake in shares of ConocoPhillips (NYSE:COP) by 0.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 160,933 shares of the energy producer’s stock after selling 304 shares during the period. New York Life Investment Management LLC’s holdings in ConocoPhillips were worth $18,408,000 as of its most recent SEC filing.

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

ConocoPhillips Price Performance

NYSE:COP opened at $106.05 on Friday. The business’s 50-day moving average is $111.20 and its 200 day moving average is $116.94. ConocoPhillips has a 12 month low of $102.27 and a 12 month high of $135.18. The company has a market capitalization of $124.03 billion, a P/E ratio of 12.01, a P/E/G ratio of 0.85 and a beta of 1.22. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data 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. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the firm earned $1.84 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that ConocoPhillips will post 8.5 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.19%. ConocoPhillips’s payout ratio is currently 26.27%.

Wall Street Analyst Weigh In

COP has been the topic of several analyst reports. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada boosted their price target on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. Bank of America reaffirmed a “buy” rating and issued a $147.00 price objective on shares of ConocoPhillips in a research note on Friday, June 14th. Scotiabank cut their price objective on 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, UBS Group raised their target price on shares of ConocoPhillips from $151.00 to $153.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.24.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $49,288,321.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.34% of the company’s stock.

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.