Sax Wealth Advisors LLC Increases Position in ConocoPhillips (NYSE:COP)

Sax Wealth Advisors LLC increased its position in shares of ConocoPhillips (NYSE:COP) by 18.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,165 shares of the energy producer’s stock after purchasing an additional 338 shares during the period. Sax Wealth Advisors LLC’s holdings in ConocoPhillips were worth $248,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of ConocoPhillips by 35.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after acquiring an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of ConocoPhillips by 512.8% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock valued at $433,757,000 after buying an additional 3,127,165 shares in the last quarter. Capital International Investors boosted its holdings in shares of ConocoPhillips by 9.6% in the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after buying an additional 1,856,085 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in ConocoPhillips by 3,931.3% in the first quarter. Assenagon Asset Management S.A. now owns 1,455,878 shares of the energy producer’s stock valued at $185,304,000 after acquiring an additional 1,419,764 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in ConocoPhillips by 46.0% in the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after acquiring an additional 1,015,158 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock traded up $0.34 during trading hours on Friday, reaching $108.61. 5,776,222 shares of the company’s stock were exchanged, compared to its average volume of 5,712,622. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.21. The company’s 50 day moving average is $111.81 and its two-hundred day moving average is $117.07. The company has a market cap of $127.02 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 2.14 and a beta of 1.24. ConocoPhillips has a 1 year low of $102.27 and a 1 year high of $135.18.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (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 during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter in the prior year, the business posted $1.84 earnings per share. ConocoPhillips’s revenue was up 9.7% compared to the same quarter last year. Equities research analysts anticipate that ConocoPhillips will post 8.73 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on COP shares. Argus raised ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Wolfe Research began coverage on ConocoPhillips in a research note on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective for the company. Scotiabank lowered their target price on shares of ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Barclays upped their price target on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Finally, Truist Financial lowered their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $143.53.

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.