Agate Pass Investment Management LLC Lowers Position in ConocoPhillips $COP

Agate Pass Investment Management LLC cut its holdings in ConocoPhillips (NYSE:COP) by 3.9% in the second quarter, Holdings Channel reports. The fund owned 4,643 shares of the energy producer’s stock after selling 190 shares during the quarter. Agate Pass Investment Management LLC’s holdings in ConocoPhillips were worth $417,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Acima Private Wealth LLC lifted its stake in ConocoPhillips by 3.8% in the second quarter. Acima Private Wealth LLC now owns 5,450 shares of the energy producer’s stock worth $489,000 after acquiring an additional 200 shares during the period. Strengthening Families & Communities LLC lifted its position in shares of ConocoPhillips by 0.8% during the second quarter. Strengthening Families & Communities LLC now owns 18,558 shares of the energy producer’s stock valued at $1,680,000 after buying an additional 140 shares during the last quarter. PDS Planning Inc lifted its position in shares of ConocoPhillips by 7.1% during the second quarter. PDS Planning Inc now owns 11,585 shares of the energy producer’s stock valued at $1,040,000 after buying an additional 764 shares during the last quarter. Blue Trust Inc. lifted its position in shares of ConocoPhillips by 1.3% during the second quarter. Blue Trust Inc. now owns 20,754 shares of the energy producer’s stock valued at $1,863,000 after buying an additional 276 shares during the last quarter. Finally, Fourpath Capital Management LLC lifted its position in shares of ConocoPhillips by 3.6% during the second quarter. Fourpath Capital Management LLC now owns 5,804 shares of the energy producer’s stock valued at $521,000 after buying an additional 201 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

COP opened at $87.83 on Friday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a market cap of $109.70 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 2.44 and a beta of 0.62. The firm’s 50-day moving average price is $94.60 and its 200-day moving average price is $92.59.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio is 41.88%.

Wall Street Analysts Forecast Growth

Several analysts have commented on COP shares. Susquehanna decreased their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a “positive” rating for the company in a research report on Wednesday, July 23rd. Evercore ISI decreased their price target on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research report on Monday, October 6th. UBS Group increased their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Barclays decreased their price target on shares of ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Royal Bank Of Canada decreased their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research report on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $117.23.

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.