Cornercap Investment Counsel Inc. Sells 612 Shares of ConocoPhillips $COP

Cornercap Investment Counsel Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,139 shares of the energy producer’s stock after selling 612 shares during the period. ConocoPhillips accounts for approximately 1.2% of Cornercap Investment Counsel Inc.’s investment portfolio, making the stock its 7th biggest position. Cornercap Investment Counsel Inc.’s holdings in ConocoPhillips were worth $2,346,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Navalign LLC boosted its position in shares of ConocoPhillips by 1.1% in the second quarter. Navalign LLC now owns 9,918 shares of the energy producer’s stock valued at $890,000 after acquiring an additional 108 shares during the period. Tritonpoint Wealth LLC lifted its holdings in shares of ConocoPhillips by 1.3% in the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after acquiring an additional 110 shares during the last quarter. Iowa State Bank lifted its holdings in shares of ConocoPhillips by 0.5% in the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after acquiring an additional 110 shares during the last quarter. First National Bank Sioux Falls raised its holdings in ConocoPhillips by 4.6% in the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock valued at $231,000 after buying an additional 113 shares during the last quarter. Finally, KLCM Advisors Inc. raised its holdings in ConocoPhillips by 2.6% in the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock valued at $473,000 after buying an additional 115 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $87.79 on Thursday. The company has a market cap of $109.65 billion, a PE ratio of 11.78, a P/E/G ratio of 2.36 and a beta of 0.62. The business has a 50 day moving average of $92.08 and a 200 day moving average of $92.03. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a research report on Friday, October 17th. They set an “equal weight” rating and a $100.00 price objective for the company. Royal Bank Of Canada raised their price objective on ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Barclays lowered their target price on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Jefferies Financial Group lowered their price objective on ConocoPhillips from $129.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Finally, Piper Sandler lowered their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, October 13th. Eighteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $114.63.

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.