ConocoPhillips (NYSE:COP) Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lessened its position in shares of ConocoPhillips (NYSE:COP) by 1.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 232,957 shares of the energy producer’s stock after selling 4,409 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ConocoPhillips were worth $26,646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cardinal Capital Management Inc. purchased a new stake in ConocoPhillips in the 4th quarter valued at about $13,468,000. Harbor Investment Advisory LLC grew its stake in shares of ConocoPhillips by 2.2% in the first 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 in the last quarter. First Trust Direct Indexing L.P. grew its stake 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 purchasing an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of ConocoPhillips in the second quarter valued at $30,021,000. Finally, EP Wealth Advisors LLC lifted its holdings in shares of ConocoPhillips by 19.1% in 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 period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 15th. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Mizuho decreased their price objective on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, June 5th. Susquehanna reduced their target price on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday. Finally, UBS Group upped their target price on ConocoPhillips from $151.00 to $153.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Five 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 stock. 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 Trading Down 1.3 %

Shares of COP traded down $1.43 during midday trading on Friday, reaching $106.02. The company had a trading volume of 5,229,946 shares, compared to its average volume of 5,660,849. The firm has a 50 day simple moving average of $111.20 and a 200-day simple moving average of $116.94. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The stock has a market cap of $123.99 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. ConocoPhillips has a 1-year low of $102.27 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. The firm had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.84 earnings per share. Research analysts forecast that ConocoPhillips will post 8.5 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

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

Insiders Place Their Bets

In related 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% 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 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.