Logan Capital Management Inc. Sells 5,959 Shares of ConocoPhillips $COP

Logan Capital Management Inc. reduced its position in ConocoPhillips (NYSE:COP) by 6.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 88,663 shares of the energy producer’s stock after selling 5,959 shares during the period. Logan Capital Management Inc.’s holdings in ConocoPhillips were worth $7,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Bogart Wealth LLC boosted its position in ConocoPhillips by 136.8% in the second 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 boosted its holdings in shares of ConocoPhillips by 249.5% in the second quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after buying an additional 232 shares during the last quarter. Financial Network Wealth Advisors LLC boosted its holdings in shares of ConocoPhillips by 341.5% in the first 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 during the last quarter. Stone House Investment Management LLC bought a new stake in ConocoPhillips during the first quarter valued at approximately $31,000. Finally, IMA Advisory Services Inc. purchased a new stake in ConocoPhillips during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $88.71 on Tuesday. The company has a market capitalization of $110.79 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 2.35 and a beta of 0.62. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The stock’s 50-day simple moving average is $93.22 and its 200-day simple moving average is $91.96. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38.

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 the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. During the same quarter last year, the company earned $1.98 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Piper Sandler dropped their price target on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, October 13th. Roth Capital lowered their target price on ConocoPhillips from $108.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 15th. UBS Group cut their price target on ConocoPhillips from $124.00 to $122.00 and set a “buy” rating for the company in a report on Monday, October 13th. Jefferies Financial Group decreased 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, Mizuho cut their price objective on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Eighteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus 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.