Sequoia Financial Advisors LLC Lowers Stock Position in ConocoPhillips $COP

Sequoia Financial Advisors LLC lessened its holdings in ConocoPhillips (NYSE:COP) by 12.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 58,668 shares of the energy producer’s stock after selling 8,266 shares during the period. Sequoia Financial Advisors LLC’s holdings in ConocoPhillips were worth $5,265,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of COP. Wealth Enhancement Advisory Services LLC lifted its position in shares of ConocoPhillips by 14.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 269,154 shares of the energy producer’s stock worth $28,267,000 after purchasing an additional 34,284 shares during the period. Cyndeo Wealth Partners LLC lifted its position in shares of ConocoPhillips by 2.6% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 6,816 shares of the energy producer’s stock worth $716,000 after purchasing an additional 173 shares during the period. Brown Miller Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter worth approximately $240,000. Sagespring Wealth Partners LLC lifted its position in shares of ConocoPhillips by 11.6% in the 1st quarter. Sagespring Wealth Partners LLC now owns 11,440 shares of the energy producer’s stock worth $1,201,000 after purchasing an additional 1,187 shares during the period. Finally, Grimes & Company Inc. lifted its position in shares of ConocoPhillips by 1.8% in the 1st quarter. Grimes & Company Inc. now owns 12,529 shares of the energy producer’s stock worth $1,316,000 after purchasing an additional 219 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 0.7%

Shares of ConocoPhillips stock opened at $88.17 on Wednesday. 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 firm has a market capitalization of $110.11 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.36 and a beta of 0.62. The firm’s 50 day simple moving average is $94.42 and its two-hundred day simple moving average is $92.32.

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

ConocoPhillips Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Melius initiated coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price target for the company. Susquehanna reduced their price objective on shares of ConocoPhillips from $114.00 to $113.00 and set a “positive” rating for the company in a research note on Wednesday, July 23rd. Capital One Financial boosted their price objective on shares of ConocoPhillips from $111.00 to $112.00 in a research note on Friday, October 3rd. BMO Capital Markets boosted their price objective on shares of ConocoPhillips from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Scotiabank boosted their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Friday, July 11th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $117.13.

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.