Forum Financial Management LP Buys 342 Shares of ConocoPhillips $COP

Forum Financial Management LP grew its stake in shares of ConocoPhillips (NYSE:COP) by 1.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 23,323 shares of the energy producer’s stock after purchasing an additional 342 shares during the quarter. Forum Financial Management LP’s holdings in ConocoPhillips were worth $2,093,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after buying an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP raised its position in shares of ConocoPhillips by 1.4% during the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after buying an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after buying an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after purchasing an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of ConocoPhillips in the first quarter valued at $658,981,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 1.2%

Shares of COP opened at $87.45 on Thursday. The firm has a market capitalization of $109.22 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.28 and a beta of 0.62. ConocoPhillips has a 12-month low of $79.88 and a 12-month 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 firm has a fifty day moving average price of $93.58 and a 200-day moving average price of $91.85.

ConocoPhillips (NYSE:COP) last issued its 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. The firm had revenue of $14.94 billion during 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 revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 earnings per share. Equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s payout ratio is presently 41.88%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on COP shares. Wells Fargo & Company started coverage on shares of ConocoPhillips in a report on Friday, October 17th. They issued an “equal weight” rating and a $100.00 target price for the company. UBS Group cut their target price on shares of ConocoPhillips from $124.00 to $122.00 and set a “buy” rating for the company in a report on Monday, October 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of ConocoPhillips in a report on Wednesday, October 8th. The Goldman Sachs Group cut their target price on shares of ConocoPhillips from $111.00 to $108.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, BMO Capital Markets lifted 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, October 13th. Eighteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $115.63.

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.