Graypoint LLC Lowers Stock Holdings in ConocoPhillips (NYSE:COP)

Graypoint LLC lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 2.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,293 shares of the energy producer’s stock after selling 507 shares during the quarter. Graypoint LLC’s holdings in ConocoPhillips were worth $2,436,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in COP. International Assets Investment Management LLC lifted its holdings in shares of ConocoPhillips by 20.7% during the 4th quarter. International Assets Investment Management LLC now owns 9,600 shares of the energy producer’s stock worth $1,114,000 after acquiring an additional 1,644 shares during the period. Gilbert & Cook Inc. boosted its holdings in shares of ConocoPhillips by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 13,438 shares of the energy producer’s stock valued at $1,560,000 after purchasing an additional 483 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of ConocoPhillips by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 357,411 shares of the energy producer’s stock worth $41,485,000 after buying an additional 6,755 shares during the last quarter. Summit Global Investments raised its position in shares of ConocoPhillips by 38.9% in the 4th quarter. Summit Global Investments now owns 6,295 shares of the energy producer’s stock worth $731,000 after buying an additional 1,763 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in ConocoPhillips by 28.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 24,489 shares of the energy producer’s stock valued at $2,842,000 after acquiring an additional 5,422 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Insider Buying and Selling

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

ConocoPhillips Stock Performance

Shares of NYSE COP traded down $0.58 during midday trading on Friday, hitting $113.79. The company’s stock had a trading volume of 5,559,473 shares, compared to its average volume of 5,656,144. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. ConocoPhillips has a 1-year low of $102.27 and a 1-year high of $135.18. The firm’s fifty day moving average price is $111.73 and its 200-day moving average price is $116.99. The firm has a market cap of $133.08 billion, a P/E ratio of 12.89, a P/E/G ratio of 2.22 and a beta of 1.24.

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

ConocoPhillips Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on COP shares. Royal Bank of Canada raised their price objective on ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, May 15th. Raymond James restated a “strong-buy” rating and issued a $159.00 price target (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Truist Financial decreased their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Wolfe Research began coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $143.65.

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.