Triton Wealth Management PLLC Invests $200,000 in ConocoPhillips $COP

Triton Wealth Management PLLC bought a new stake in ConocoPhillips (NYSE:COP) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,094 shares of the energy producer’s stock, valued at approximately $200,000.

A number of other hedge funds have also bought and sold shares of COP. Wealth Enhancement Advisory Services LLC raised its stake in ConocoPhillips by 14.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 269,154 shares of the energy producer’s stock valued at $28,267,000 after buying an additional 34,284 shares in the last quarter. Cyndeo Wealth Partners LLC increased its holdings 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 valued at $716,000 after acquiring an additional 173 shares during the last quarter. Brown Miller Wealth Management LLC acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at approximately $240,000. Sagespring Wealth Partners LLC lifted its stake in ConocoPhillips by 11.6% during the first 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 last quarter. Finally, Grimes & Company Inc. boosted its holdings in ConocoPhillips by 1.8% in the first 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. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

COP has been the topic of a number of research reports. Raymond James Financial dropped their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, September 8th. Melius Research assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective for the company. Scotiabank increased 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. Evercore ISI decreased their target price on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Monday, October 6th. Finally, Royal Bank Of Canada increased their price target on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Monday. Seventeen equities research 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 company currently has an average rating of “Moderate Buy” and an average price target of $117.13.

ConocoPhillips Price Performance

NYSE COP opened at $88.17 on Wednesday. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. 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 stock has a market cap of $110.11 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 2.36 and a beta of 0.62. The company has a 50-day moving average price of $94.42 and a two-hundred day moving average price of $92.32.

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

ConocoPhillips Announces Dividend

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

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.