ZWJ Investment Counsel Inc. Reduces Holdings in ConocoPhillips $COP

ZWJ Investment Counsel Inc. trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,114 shares of the energy producer’s stock after selling 287 shares during the period. ZWJ Investment Counsel Inc.’s holdings in ConocoPhillips were worth $549,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of COP. Financial Network Wealth Advisors LLC increased its stake in shares of ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $31,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $35,000. IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter worth approximately $37,000. Finally, Clal Insurance Enterprises Holdings Ltd increased its stake in shares of ConocoPhillips by 418.6% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer’s stock worth $38,000 after purchasing an additional 293 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

NYSE:COP opened at $94.17 on Friday. 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 firm has a market capitalization of $117.61 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 2.46 and a beta of 0.62. The firm’s fifty day simple moving average is $94.92 and its 200 day simple moving average is $92.91. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08.

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

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.3%. ConocoPhillips’s payout ratio is currently 41.88%.

Analysts Set New Price Targets

COP has been the subject of several recent analyst reports. Raymond James Financial lowered their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, September 8th. Wall Street Zen raised shares of ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. BMO Capital Markets lifted their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, Royal Bank Of Canada lowered their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $120.14.

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.