ConocoPhillips $COP Shares Sold by Drive Wealth Management LLC

Drive Wealth Management LLC lowered its stake in shares of ConocoPhillips (NYSE:COP) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,507 shares of the energy producer’s stock after selling 294 shares during the period. Drive Wealth Management LLC’s holdings in ConocoPhillips were worth $404,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Accretive Wealth Partners LLC boosted its holdings in ConocoPhillips by 2.4% in the 2nd quarter. Accretive Wealth Partners LLC now owns 16,391 shares of the energy producer’s stock worth $1,471,000 after buying an additional 378 shares during the last quarter. Unison Advisors LLC lifted its position in shares of ConocoPhillips by 0.9% in the second quarter. Unison Advisors LLC now owns 17,428 shares of the energy producer’s stock valued at $1,564,000 after acquiring an additional 157 shares in the last quarter. Alaska Wealth Advisors acquired a new stake in shares of ConocoPhillips in the second quarter worth approximately $221,000. Cidel Asset Management Inc. increased its position in shares of ConocoPhillips by 2.2% during the second quarter. Cidel Asset Management Inc. now owns 156,247 shares of the energy producer’s stock worth $14,022,000 after purchasing an additional 3,431 shares in the last quarter. Finally, Forvis Mazars Wealth Advisors LLC raised its stake in ConocoPhillips by 2.3% in the 2nd quarter. Forvis Mazars Wealth Advisors LLC now owns 47,358 shares of the energy producer’s stock valued at $4,250,000 after purchasing an additional 1,054 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

NYSE:COP opened at $87.01 on Tuesday. The company’s 50-day moving average is $93.91 and its two-hundred day moving average is $91.92. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $115.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a market capitalization of $108.67 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 2.29 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. The firm 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 firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm 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 disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors 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 dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is presently 41.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Susquehanna lowered their target price on shares of ConocoPhillips to $113.00 and set a “positive” rating on the stock in a research note on Monday. Melius Research started coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target on the stock. Wolfe Research dropped their price objective on shares of ConocoPhillips from $137.00 to $130.00 and set an “outperform” rating for the company in a research note on Monday. Morgan Stanley decreased their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Finally, BMO Capital Markets boosted their target price on ConocoPhillips from $115.00 to $117.00 and gave the stock an “outperform” rating in a report on Monday, October 13th. Eighteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.63.

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.