ConocoPhillips (NYSE:COP) Stake Cut by SteelPeak Wealth LLC

by · The Cerbat Gem

SteelPeak Wealth LLC reduced its holdings in ConocoPhillips (NYSE:COP – Free Report) by 86.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,817 shares of the energy producer’s stock after selling 29,930 shares during the period. SteelPeak Wealth LLC’s holdings in ConocoPhillips were worth $507,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Manchester Capital Management LLC lifted its holdings in shares of ConocoPhillips by 22.1% in the first quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock valued at $60,000 after purchasing an additional 86 shares in the last quarter. Vicus Capital lifted its holdings in shares of ConocoPhillips by 3.7% in the second quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock valued at $302,000 after purchasing an additional 94 shares in the last quarter. Montag A & Associates Inc. lifted its holdings in shares of ConocoPhillips by 2.5% in the second quarter. Montag A & Associates Inc. now owns 3,900 shares of the energy producer’s stock valued at $446,000 after purchasing an additional 96 shares in the last quarter. Excalibur Management Corp lifted its holdings in shares of ConocoPhillips by 2.4% in the second quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock valued at $462,000 after purchasing an additional 96 shares in the last quarter. Finally, First Hawaiian Bank lifted its holdings in shares of ConocoPhillips by 0.3% in the second quarter. First Hawaiian Bank now owns 36,739 shares of the energy producer’s stock valued at $4,202,000 after purchasing an additional 97 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COP has been the topic of a number of research reports. Mizuho cut their price target on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Susquehanna cut their price target on ConocoPhillips from $147.00 to $144.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Sanford C. Bernstein dropped their target price on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Wolfe Research initiated coverage on ConocoPhillips in a report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.94.

Check Out Our Latest Stock Report on ConocoPhillips

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is owned by company insiders.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $109.54 on Friday. The business’s 50 day moving average price is $108.01 and its two-hundred day moving average price is $113.17. The company has a market cap of $127.20 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 0.84 and a beta of 1.21. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP – Get Free Report) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. During the same quarter in the prior year, the business earned $1.84 earnings per share. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, analysts predict that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given a $0.78 dividend. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a dividend yield of 2.85%. ConocoPhillips’s dividend payout ratio is presently 25.86%.

ConocoPhillips Company Profile

(Free Report)

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.

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