Concord Wealth Partners Raises Stock Position in ConocoPhillips (NYSE:COP)

Concord Wealth Partners grew its stake in shares of ConocoPhillips (NYSE:COP) by 7.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 18,744 shares of the energy producer’s stock after acquiring an additional 1,318 shares during the period. Concord Wealth Partners’ holdings in ConocoPhillips were worth $1,973,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of COP. Values First Advisors Inc. purchased a new stake in shares of ConocoPhillips in the 3rd quarter worth $26,000. Stephens Consulting LLC raised its holdings in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 104 shares in the last quarter. Ruedi Wealth Management Inc. lifted its stake in ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after acquiring an additional 150 shares during the period. Y.D. More Investments Ltd bought a new position in ConocoPhillips during the 2nd quarter worth about $35,000. Finally, Fairway Wealth LLC increased its position in ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after purchasing an additional 153 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

ConocoPhillips stock traded down $1.57 during mid-day trading on Monday, reaching $102.99. 1,137,050 shares of the company traded hands, compared to its average volume of 5,863,492. The firm’s fifty day moving average is $108.47 and its two-hundred day moving average is $113.68. The company has a market capitalization of $120.45 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) 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 firm had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. During the same period in the prior year, the firm earned $1.84 EPS. The firm’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts expect that ConocoPhillips will post 7.95 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on COP shares. StockNews.com cut shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. Scotiabank cut their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Barclays decreased their price objective on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein cut their target price on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.94.

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.