GRIMES & Co WEALTH MANAGEMENT LLC Buys 14,217 Shares of ConocoPhillips $COP

GRIMES & Co WEALTH MANAGEMENT LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 67.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 35,199 shares of the energy producer’s stock after purchasing an additional 14,217 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in ConocoPhillips were worth $4,405,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Next Level Wealth Planning LLC bought a new position in ConocoPhillips during the third quarter valued at $51,000. Frederick Financial Consultants LLC purchased a new stake in shares of ConocoPhillips in the third quarter valued at $209,000. XML Financial LLC lifted its holdings in shares of ConocoPhillips by 2.1% in the 3rd quarter. XML Financial LLC now owns 8,329 shares of the energy producer’s stock worth $1,042,000 after acquiring an additional 174 shares during the last quarter. Summit Wealth Group LLC Co. lifted its holdings in shares of ConocoPhillips by 9.7% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 3,549 shares of the energy producer’s stock worth $444,000 after acquiring an additional 315 shares during the last quarter. Finally, McAlvany Wealth Management LLC lifted its holdings in shares of ConocoPhillips by 7.5% in the 3rd quarter. McAlvany Wealth Management LLC now owns 52,353 shares of the energy producer’s stock worth $6,552,000 after acquiring an additional 3,642 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 1.6%

NYSE:COP opened at $144.46 on Wednesday. ConocoPhillips has a one year low of $85.57 and a one year high of $154.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The firm has a market cap of $173.54 billion, a P/E ratio of 19.11, a P/E/G ratio of 1.43 and a beta of 0.16. The firm has a 50-day simple moving average of $136.59 and a 200-day simple moving average of $121.52.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same period last year, the firm earned $1.42 earnings per share. The company’s quarterly revenue was up 32.4% on a year-over-year basis. Equities analysts anticipate that ConocoPhillips will post 11.41 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.3%. ConocoPhillips’s payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on COP. Freedom Capital upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Morgan Stanley increased their price objective on shares of ConocoPhillips from $151.00 to $159.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Susquehanna raised their price objective on shares of ConocoPhillips from $161.00 to $175.00 and gave the stock a “positive” rating in a research note on Tuesday, October 20th. Argus boosted their target price on ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. Finally, Barclays cut their target price on ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.08.

Insiders Place Their Bets

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by corporate insiders.

ConocoPhillips Company Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.