Byrne Asset Management LLC Lowers Position in ConocoPhillips (NYSE:COP)

Byrne Asset Management LLC cut its stake in ConocoPhillips (NYSE:COP) by 4.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 10,627 shares of the energy producer’s stock after selling 462 shares during the quarter. Byrne Asset Management LLC’s holdings in ConocoPhillips were worth $1,116,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new position in ConocoPhillips in the 4th quarter valued at $26,000. Centricity Wealth Management LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at $27,000. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at $28,000. Crowley Wealth Management Inc. purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at $32,000. Finally, Marshall Investment Management LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter valued at $36,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of COP stock opened at $97.00 on Friday. 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 fifty-two week low of $79.88 and a fifty-two week high of $118.40. The stock has a 50 day moving average price of $88.91 and a two-hundred day moving average price of $95.95. The company has a market capitalization of $122.63 billion, a P/E ratio of 12.45, a PEG ratio of 0.79 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. The firm had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same quarter in the previous year, the company posted $2.05 earnings per share. Analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.22%. ConocoPhillips’s dividend payout ratio (DPR) is presently 39.64%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their target price on ConocoPhillips from $116.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Piper Sandler decreased their price objective on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. UBS Group reduced their target price on ConocoPhillips from $116.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Citigroup reduced their target price on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Raymond James reissued an “outperform” rating and set a $109.00 price objective (up previously from $103.00) on shares of ConocoPhillips in a report on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and an average target price of $121.30.

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.