Connable Office Inc. Trims Position in ConocoPhillips (NYSE:COP)

Connable Office Inc. lowered its position in shares of ConocoPhillips (NYSE:COP) by 0.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 43,517 shares of the energy producer’s stock after selling 325 shares during the period. Connable Office Inc.’s holdings in ConocoPhillips were worth $4,581,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of COP. Values First Advisors Inc. purchased a new position in shares of ConocoPhillips in the third quarter worth $26,000. Stephens Consulting LLC boosted its holdings in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after buying an additional 104 shares in the last quarter. Reston Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the 3rd quarter worth about $31,000. Y.D. More Investments Ltd purchased a new position in ConocoPhillips during the 2nd quarter valued at about $35,000. Finally, Fairway Wealth LLC boosted its stake in ConocoPhillips by 95.6% during the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after acquiring an additional 153 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $112.92 on Friday. The business has a 50 day simple moving average of $107.77 and a two-hundred day simple moving average of $111.90. The stock has a market capitalization of $129.96 billion, a P/E ratio of 13.43, a PEG ratio of 0.91 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.16 EPS. As a group, analysts predict that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be given a dividend of $0.78 per share. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is presently 37.10%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Scotiabank lowered their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Wolfe Research initiated coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. Truist Financial decreased their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $137.63.

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.