Putney Financial Group LLC Sells 400 Shares of ConocoPhillips $COP

Putney Financial Group LLC trimmed its position in ConocoPhillips (NYSE:COP) by 23.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,275 shares of the energy producer’s stock after selling 400 shares during the quarter. Putney Financial Group LLC’s holdings in ConocoPhillips were worth $114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Clear Creek Financial Management LLC bought a new stake in ConocoPhillips in the 1st quarter valued at about $232,000. DAVENPORT & Co LLC increased its holdings in shares of ConocoPhillips by 43.7% during the first quarter. DAVENPORT & Co LLC now owns 81,099 shares of the energy producer’s stock worth $8,517,000 after purchasing an additional 24,658 shares during the period. Keybank National Association OH raised its position in shares of ConocoPhillips by 2.0% in the first quarter. Keybank National Association OH now owns 317,068 shares of the energy producer’s stock valued at $33,298,000 after buying an additional 6,096 shares in the last quarter. Pinnacle Financial Partners Inc boosted its stake in shares of ConocoPhillips by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 17,139 shares of the energy producer’s stock valued at $1,773,000 after buying an additional 654 shares during the period. Finally, Private Trust Co. NA grew its position in ConocoPhillips by 5.9% during the first quarter. Private Trust Co. NA now owns 9,401 shares of the energy producer’s stock worth $987,000 after buying an additional 527 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Up 0.0%

Shares of NYSE COP opened at $88.11 on Friday. The company has a market cap of $110.04 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.36 and a beta of 0.62. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The stock has a 50-day moving average price of $92.81 and a two-hundred day moving average price of $91.97.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results 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. The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.98 EPS. As a group, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.5%. ConocoPhillips’s dividend payout ratio is 41.88%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on COP. Melius assumed coverage on ConocoPhillips in a report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective for the company. Wells Fargo & Company started coverage on ConocoPhillips in a research note on Friday, October 17th. They issued an “equal weight” rating and a $100.00 price target for the company. Raymond James Financial cut their price objective on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Monday, September 8th. Piper Sandler decreased their target price on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday, October 13th. Finally, BMO Capital Markets boosted their target price on shares of ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Eighteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $115.63.

About ConocoPhillips

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.