Reliant Investment Management LLC Cuts Stock Position in ConocoPhillips (NYSE:COP)

Reliant Investment Management LLC trimmed its holdings in ConocoPhillips (NYSE:COP) by 94.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,275 shares of the energy producer’s stock after selling 51,846 shares during the period. Reliant Investment Management LLC’s holdings in ConocoPhillips were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in COP. Impact Capital Partners LLC lifted its holdings in ConocoPhillips by 79.1% in the 1st quarter. Impact Capital Partners LLC now owns 3,836 shares of the energy producer’s stock worth $403,000 after purchasing an additional 1,694 shares in the last quarter. Pines Wealth Management LLC raised its position in shares of ConocoPhillips by 5.2% during the first quarter. Pines Wealth Management LLC now owns 7,974 shares of the energy producer’s stock valued at $837,000 after buying an additional 394 shares during the last quarter. SeaCrest Wealth Management LLC raised its position in shares of ConocoPhillips by 1.6% during the first quarter. SeaCrest Wealth Management LLC now owns 17,352 shares of the energy producer’s stock valued at $1,822,000 after buying an additional 269 shares during the last quarter. Procyon Advisors LLC lifted its holdings in shares of ConocoPhillips by 2.6% in the first quarter. Procyon Advisors LLC now owns 19,322 shares of the energy producer’s stock worth $2,029,000 after buying an additional 484 shares in the last quarter. Finally, Curat Global LLC bought a new position in shares of ConocoPhillips during the first quarter worth $54,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 2.1%

COP stock opened at $87.18 on Friday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $118.40. The stock has a market capitalization of $110.21 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $88.74 and its two-hundred day simple moving average is $96.54.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The company had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the prior year, the firm posted $2.05 EPS. As a group, analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.58%. ConocoPhillips’s payout ratio is 39.64%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on COP shares. UBS Group reduced their price target on shares of ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company reduced their target price on ConocoPhillips from $116.00 to $113.00 and set an “overweight” rating on the stock in a report on Wednesday, May 14th. Bank of America dropped their price target on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a research note on Friday, May 23rd. JPMorgan Chase & Co. reduced their price objective on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler lowered their target price on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $121.63.

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.