California Public Employees Retirement System Sells 119,429 Shares of ConocoPhillips $COP

California Public Employees Retirement System decreased its position in ConocoPhillips (NYSE:COP) by 4.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,841,692 shares of the energy producer’s stock after selling 119,429 shares during the quarter. California Public Employees Retirement System owned 0.23% of ConocoPhillips worth $255,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Bogart Wealth LLC grew its holdings in shares of ConocoPhillips by 136.8% in the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock valued at $28,000 after purchasing an additional 182 shares in the last quarter. Activest Wealth Management raised its stake in ConocoPhillips by 249.5% during the second quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 232 shares in the last quarter. Financial Network Wealth Advisors LLC lifted its position in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new position in ConocoPhillips during the first quarter valued at $31,000. Finally, Clal Insurance Enterprises Holdings Ltd grew its stake in shares of ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer’s stock worth $38,000 after buying an additional 293 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Roth Capital decreased their target price on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 15th. Barclays dropped their price target on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Melius Research assumed coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective for the company. Finally, Wells Fargo & Company started coverage on ConocoPhillips in a report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 target price for the company. Nineteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.77.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $93.73 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 1.18. The firm has a market capitalization of $115.82 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 2.11 and a beta of 0.32. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $106.20. The company’s 50-day moving average is $89.54 and its 200 day moving average is $91.83.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a return on equity of 13.64% and a net margin of 14.25%.The firm had revenue of $15.03 billion for the quarter, compared to analysts’ expectations of $14.51 billion. During the same quarter in the prior year, the firm posted $1.78 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a $0.84 dividend. The ex-dividend date was Monday, November 17th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. This represents a $3.36 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips’s payout ratio is 47.52%.

Insider Buying and Selling at ConocoPhillips

In related news, Director William H. Mcraven bought 5,768 shares of the stock in a transaction dated Monday, November 10th. The stock was purchased at an average cost of $86.68 per share, with a total value of $499,970.24. Following the completion of the purchase, the director owned 5,768 shares of the company’s stock, valued at $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.24% of the company’s stock.

ConocoPhillips 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.