NewEdge Wealth LLC Cuts Position in ConocoPhillips $COP

NewEdge Wealth LLC trimmed its position in shares of ConocoPhillips (NYSE:COP) by 20.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,342 shares of the energy producer’s stock after selling 6,150 shares during the period. NewEdge Wealth LLC’s holdings in ConocoPhillips were worth $3,081,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in ConocoPhillips by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock worth $11,256,713,000 after acquiring an additional 408,304 shares in the last quarter. Capital International Investors grew its position in ConocoPhillips by 5.9% in the 4th quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock valued at $4,527,230,000 after acquiring an additional 2,714,663 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in ConocoPhillips by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after acquiring an additional 2,350,645 shares in the last quarter. Franklin Resources Inc. increased its stake in ConocoPhillips by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock worth $1,407,770,000 after purchasing an additional 648,432 shares during the period. Finally, Fisher Asset Management LLC increased its stake in ConocoPhillips by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock worth $1,389,862,000 after purchasing an additional 193,401 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

COP has been the topic of several research reports. Truist Financial reduced their price target on shares of ConocoPhillips from $128.00 to $115.00 and set a “hold” rating on the stock in a research report on Wednesday, July 8th. Argus lifted their price objective on shares of ConocoPhillips from $128.00 to $136.00 and gave the company a “buy” rating in a report on Friday, May 15th. Susquehanna upped their target price on shares of ConocoPhillips from $152.00 to $155.00 and gave the stock a “positive” rating in a research note on Tuesday. BMO Capital Markets reduced their target price on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Piper Sandler boosted their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $134.16.

ConocoPhillips Stock Up 0.1%

Shares of ConocoPhillips stock opened at $120.30 on Friday. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $135.87. The company has a 50 day moving average of $113.50 and a 200 day moving average of $114.23. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $146.56 billion, a P/E ratio of 20.42, a P/E/G ratio of 1.45 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping the consensus estimate of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter in the previous year, the business posted $2.09 EPS. The firm’s revenue was down 6.1% on a year-over-year basis. As a group, research analysts forecast that ConocoPhillips will post 9.2 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were paid a dividend of $0.84 per share. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. ConocoPhillips’s payout ratio is presently 57.05%.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.