Summit Global Investments Sells 1,818 Shares of ConocoPhillips (NYSE:COP)

Summit Global Investments lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 17.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,655 shares of the energy producer’s stock after selling 1,818 shares during the quarter. Summit Global Investments’ holdings in ConocoPhillips were worth $858,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Albion Financial Group UT boosted its position in shares of ConocoPhillips by 876.9% during the 4th quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock valued at $25,000 after acquiring an additional 228 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of ConocoPhillips during the 4th quarter valued at about $27,000. Truvestments Capital LLC bought a new stake in shares of ConocoPhillips during the 3rd quarter valued at about $31,000. Global Wealth Strategies & Associates boosted its position in shares of ConocoPhillips by 80.5% during the 4th quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after acquiring an additional 153 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of ConocoPhillips during the 3rd quarter valued at about $35,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

COP opened at $102.05 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. ConocoPhillips has a 52-week low of $86.81 and a 52-week high of $135.18. The stock has a market capitalization of $129.84 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 0.79 and a beta of 1.12. The stock’s 50 day moving average price is $99.21 and its 200-day moving average price is $103.37.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. On average, equities research analysts predict that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were given a dividend of $0.78 per share. The ex-dividend date was Friday, February 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.06%. ConocoPhillips’s dividend payout ratio is presently 40.05%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COP shares. TD Cowen assumed coverage on ConocoPhillips in a research report on Friday, January 17th. They set a “buy” rating and a $125.00 price target for the company. Barclays decreased their price objective on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Evercore ISI reissued an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a report on Friday, December 6th. JPMorgan Chase & Co. decreased their price objective on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Morgan Stanley assumed coverage on ConocoPhillips in a report on Monday, December 16th. They set an “overweight” rating and a $128.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $133.05.

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.