California Public Employees Retirement System Sells 99,245 Shares of ConocoPhillips (COP)

California Public Employees Retirement System lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 3.6% during the 1st quarter, HoldingsChannel reports. The fund owned 2,687,892 shares of the energy producer’s stock after selling 99,245 shares during the period. California Public Employees Retirement System’s holdings in ConocoPhillips were worth $179,390,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of COP. Greenwood Capital Associates LLC raised its position in shares of ConocoPhillips by 4.6% in the first quarter. Greenwood Capital Associates LLC now owns 66,439 shares of the energy producer’s stock valued at $4,434,000 after purchasing an additional 2,918 shares during the period. Boston Partners raised its position in shares of ConocoPhillips by 3.5% in the first quarter. Boston Partners now owns 6,963,606 shares of the energy producer’s stock valued at $464,751,000 after purchasing an additional 236,305 shares during the period. Regentatlantic Capital LLC raised its position in shares of ConocoPhillips by 4.9% in the first quarter. Regentatlantic Capital LLC now owns 9,170 shares of the energy producer’s stock valued at $612,000 after purchasing an additional 432 shares during the period. Stevens Capital Management LP bought a new position in shares of ConocoPhillips in the first quarter valued at approximately $14,418,000. Finally, WESPAC Advisors SoCal LLC bought a new position in shares of ConocoPhillips in the first quarter valued at approximately $742,000. 74.69% of the stock is currently owned by hedge funds and other institutional investors.

Shares of COP stock opened at $62.10 on Friday. ConocoPhillips has a 1 year low of $56.75 and a 1 year high of $80.24. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.72 and a current ratio of 1.86. The firm has a market cap of $70.12 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.49 and a beta of 1.06.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Tuesday, April 30th. The energy producer reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.08. ConocoPhillips had a net margin of 18.08% and a return on equity of 16.65%. The firm had revenue of $10.06 billion for the quarter, compared to the consensus estimate of $9.16 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. Analysts predict that ConocoPhillips will post 4.37 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 13th will be paid a dividend of $0.305 per share. The ex-dividend date is Friday, May 10th. This represents a $1.22 dividend on an annualized basis and a yield of 1.96%. ConocoPhillips’s dividend payout ratio is currently 26.93%.

A number of equities analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of ConocoPhillips from $83.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday. ValuEngine lowered shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Credit Suisse Group lowered shares of ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 target price on the stock. in a research report on Wednesday, May 1st. Piper Jaffray Companies raised shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $75.00 in a research report on Thursday, March 21st. Finally, Zacks Investment Research raised shares of ConocoPhillips from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $78.60.

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ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; 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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