State Board of Administration of Florida Retirement System Decreases Stock Holdings in ConocoPhillips $COP

State Board of Administration of Florida Retirement System trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,308,767 shares of the energy producer’s stock after selling 6,562 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of ConocoPhillips worth $117,449,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of COP. GM Advisory Group LLC raised its holdings in ConocoPhillips by 144.0% during the second quarter. GM Advisory Group LLC now owns 6,050 shares of the energy producer’s stock worth $543,000 after purchasing an additional 3,570 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of ConocoPhillips by 21.5% in the 2nd quarter. Quadrant Capital Group LLC now owns 29,928 shares of the energy producer’s stock worth $2,686,000 after buying an additional 5,303 shares in the last quarter. Vinva Investment Management Ltd increased its holdings in ConocoPhillips by 30.4% during the 2nd quarter. Vinva Investment Management Ltd now owns 89,183 shares of the energy producer’s stock valued at $8,042,000 after acquiring an additional 20,803 shares in the last quarter. Garner Asset Management Corp raised its position in ConocoPhillips by 9.9% during the second quarter. Garner Asset Management Corp now owns 28,637 shares of the energy producer’s stock worth $2,570,000 after acquiring an additional 2,588 shares during the last quarter. Finally, Choreo LLC lifted its holdings in shares of ConocoPhillips by 3.4% in the second quarter. Choreo LLC now owns 64,861 shares of the energy producer’s stock valued at $5,821,000 after purchasing an additional 2,109 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Melius initiated coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 target price on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of ConocoPhillips in a report on Tuesday. Wells Fargo & Company started coverage on shares of ConocoPhillips in a research report on Friday, October 17th. They set an “equal weight” rating and a $100.00 target price on the stock. BMO Capital Markets cut their price target on ConocoPhillips from $122.00 to $117.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Finally, Melius Research started coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective on the stock. Nineteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus target price of $115.16.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director William H. Mcraven acquired 5,768 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was purchased at an average price of $86.68 per share, with a total value of $499,970.24. Following the completion of the acquisition, the director directly owned 5,768 shares in the company, valued at $499,970.24. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.24% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $87.18 on Friday. The business’s fifty day moving average price is $89.96 and its 200 day moving average price is $91.84. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $108.99. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $107.73 billion, a P/E ratio of 11.70, a PEG ratio of 2.36 and a beta of 0.58.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $15.03 billion for the quarter, compared to the consensus estimate of $14.51 billion. During the same period last year, the business posted $1.78 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 annualized dividend and a dividend yield of 3.9%. ConocoPhillips’s dividend payout ratio is 47.52%.

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.