Financial Advocates Investment Management Trims Stock Position in ConocoPhillips (NYSE:COP)

Financial Advocates Investment Management lowered its holdings in shares of ConocoPhillips (NYSE:COP) by 16.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,097 shares of the energy producer’s stock after selling 795 shares during the quarter. Financial Advocates Investment Management’s holdings in ConocoPhillips were worth $469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Encompass More Asset Management grew its stake in shares of ConocoPhillips by 3.1% during the 2nd quarter. Encompass More Asset Management now owns 4,487 shares of the energy producer’s stock valued at $513,000 after acquiring an additional 133 shares during the period. 1834 Investment Advisors Co. grew its stake in shares of ConocoPhillips by 6.1% during the 2nd quarter. 1834 Investment Advisors Co. now owns 8,026 shares of the energy producer’s stock valued at $918,000 after acquiring an additional 465 shares during the period. Miller Howard Investments Inc. NY grew its stake in shares of ConocoPhillips by 2.3% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 37,504 shares of the energy producer’s stock valued at $4,290,000 after acquiring an additional 851 shares during the period. Wright Investors Service Inc. grew its stake in shares of ConocoPhillips by 3.2% during the 2nd quarter. Wright Investors Service Inc. now owns 12,104 shares of the energy producer’s stock valued at $1,384,000 after acquiring an additional 373 shares during the period. Finally, Breakwater Capital Group grew its stake in shares of ConocoPhillips by 7.1% during the 2nd quarter. Breakwater Capital Group now owns 4,369 shares of the energy producer’s stock valued at $500,000 after acquiring an additional 289 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on COP shares. Wells Fargo & Company cut their price objective on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Barclays upped their price target on ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Truist Financial dropped their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Scotiabank dropped their price target on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $143.65.

ConocoPhillips Trading Up 1.3 %

NYSE:COP traded up $1.48 during midday trading on Thursday, hitting $113.63. 1,255,834 shares of the company traded hands, compared to its average volume of 5,632,686. The firm’s fifty day moving average is $111.56 and its 200-day moving average is $117.02. ConocoPhillips has a 12-month low of $102.27 and a 12-month high of $135.18. The firm has a market capitalization of $132.89 billion, a P/E ratio of 12.83, a P/E/G ratio of 2.22 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter in the prior year, the firm posted $1.84 EPS. ConocoPhillips’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts predict that ConocoPhillips will post 8.64 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.04%. ConocoPhillips’s payout ratio is presently 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.34% of the stock is currently owned by insiders.

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.