Adell Harriman & Carpenter Inc. Lowers Stock Position in ConocoPhillips $COP

Adell Harriman & Carpenter Inc. trimmed its stake in shares of ConocoPhillips (NYSE:COP) by 5.0% in the second quarter, Holdings Channel.com reports. The fund owned 6,028 shares of the energy producer’s stock after selling 318 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in ConocoPhillips were worth $541,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Bogart Wealth LLC raised its position in shares of ConocoPhillips by 136.8% during the 2nd quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after purchasing an additional 182 shares during the last quarter. Activest Wealth Management lifted its holdings in ConocoPhillips by 249.5% in the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after buying an additional 232 shares in the last quarter. Financial Network Wealth Advisors LLC lifted its holdings in ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after buying an additional 222 shares in the last quarter. Stone House Investment Management LLC acquired a new position in ConocoPhillips in the 1st quarter worth $31,000. Finally, IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips in the 1st quarter valued at about $37,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Up 1.3%

ConocoPhillips stock opened at $87.96 on Thursday. The company has a market cap of $109.86 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 2.32 and a beta of 0.62. 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 company has a fifty day simple moving average of $92.94 and a 200 day simple moving average of $92.00. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $115.38.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.98 earnings per share. Research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on COP shares. Barclays dropped their price objective on shares of ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Melius started coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective for the company. Jefferies Financial Group cut their target price on shares of ConocoPhillips from $129.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Roth Capital lowered their target price on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. Finally, BMO Capital Markets boosted their price target on shares of ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Eighteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.