Prio Wealth Limited Partnership Reduces Position in ConocoPhillips (NYSE:COP)

Prio Wealth Limited Partnership trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 9.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,732 shares of the energy producer’s stock after selling 1,392 shares during the quarter. Prio Wealth Limited Partnership’s holdings in ConocoPhillips were worth $1,571,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Cooksen Wealth LLC acquired a new position in ConocoPhillips in the fourth quarter worth about $27,000. Richardson Capital Management LLC acquired a new position in ConocoPhillips in the first quarter worth about $31,000. Ruedi Wealth Management Inc. grew 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 purchasing an additional 150 shares in the last quarter. Stephens Consulting LLC grew its stake in ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares in the last quarter. Finally, Valued Wealth Advisors LLC grew its stake in ConocoPhillips by 45.8% in the first quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after purchasing an additional 82 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on COP. Susquehanna decreased their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Truist Financial decreased their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday. Sanford C. Bernstein decreased their target price on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Wolfe Research began coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 target price for the company. Finally, Argus upgraded ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $140.69.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $110.36 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $108.67 and a 200-day simple moving average of $116.09. The company has a market cap of $128.16 billion, a PE ratio of 12.50, a P/E/G ratio of 0.82 and a beta of 1.22. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping 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 analysts’ expectations of $14.96 billion. During the same quarter in the previous year, the company earned $1.84 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts forecast that ConocoPhillips will post 8.12 EPS for the current 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. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.10%. ConocoPhillips’s payout ratio is 26.27%.

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.