Axxcess Wealth Management LLC Sells 15,246 Shares of ConocoPhillips (NYSE:COP)

Axxcess Wealth Management LLC reduced its position in shares of ConocoPhillips (NYSE:COP) by 31.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,653 shares of the energy producer’s stock after selling 15,246 shares during the period. Axxcess Wealth Management LLC’s holdings in ConocoPhillips were worth $3,849,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of COP. Cardinal Capital Management Inc. purchased a new position in ConocoPhillips during the 4th quarter valued at $13,468,000. Harbor Investment Advisory LLC boosted its stake in shares of ConocoPhillips by 2.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after purchasing an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in shares of ConocoPhillips by 5.6% during the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after buying an additional 1,390 shares during the period. Manning & Napier Advisors LLC bought a new position in ConocoPhillips in the second quarter worth about $30,021,000. Finally, EP Wealth Advisors LLC lifted its holdings in ConocoPhillips by 19.1% in the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after buying an additional 4,578 shares during the period. Hedge funds and other institutional investors 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 business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. StockNews.com lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Mizuho decreased their price objective on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday. Susquehanna dropped their target price on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Finally, Wells Fargo & Company dropped their price objective on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $143.06.

ConocoPhillips Stock Up 2.6 %

COP stock opened at $108.30 on Wednesday. The stock has a market capitalization of $125.76 billion, a P/E ratio of 12.27, a P/E/G ratio of 0.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a 1-year low of $101.29 and a 1-year high of $135.18. The business has a fifty day moving average price of $109.97 and a 200-day moving average price of $116.64.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The business had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. ConocoPhillips’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.84 EPS. Equities analysts forecast that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

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

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.