ConocoPhillips $COP Shares Sold by Precedent Wealth Partners LLC

Precedent Wealth Partners LLC lowered its position in shares of ConocoPhillips (NYSE:COP) by 11.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,653 shares of the energy producer’s stock after selling 1,743 shares during the quarter. Precedent Wealth Partners LLC’s holdings in ConocoPhillips were worth $1,225,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of COP. Charles Schwab Investment Management Inc. boosted its stake in ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after buying an additional 31,736,423 shares in the last quarter. Nuveen LLC bought a new position in ConocoPhillips during the first quarter valued at about $658,981,000. AQR Capital Management LLC boosted its stake in ConocoPhillips by 190.5% during the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock valued at $484,539,000 after buying an additional 3,058,505 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of ConocoPhillips by 53.8% in the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock valued at $550,334,000 after purchasing an additional 1,834,118 shares during the period. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 0.8%

Shares of ConocoPhillips stock opened at $94.17 on Friday. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08. The stock has a 50-day moving average price of $94.92 and a 200 day moving average price of $92.91. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The company has a market cap of $117.61 billion, a P/E ratio of 12.64, a P/E/G ratio of 2.46 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. During the same period last year, the business earned $1.98 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. ConocoPhillips’s dividend payout ratio (DPR) is 41.88%.

Analysts Set New Price Targets

COP has been the subject of a number of recent analyst reports. Susquehanna decreased their price target on ConocoPhillips from $114.00 to $113.00 and set a “positive” rating for the company in a research report on Wednesday, July 23rd. Scotiabank increased their price target on ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, July 11th. Morgan Stanley reiterated an “overweight” rating and issued a $123.00 price target (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Royal Bank Of Canada decreased their price target on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research report on Friday, July 11th. Finally, Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.14.

ConocoPhillips 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.