Meeder Asset Management Inc. Trims Position in ConocoPhillips $COP

Meeder Asset Management Inc. decreased its position in shares of ConocoPhillips (NYSE:COP) by 72.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,323 shares of the energy producer’s stock after selling 14,194 shares during the quarter. Meeder Asset Management Inc.’s holdings in ConocoPhillips were worth $553,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Patten Group Inc. raised its stake in ConocoPhillips by 1.5% during the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after purchasing an additional 83 shares during the period. IFC Advisors LLC grew its stake in shares of ConocoPhillips by 0.4% in the 1st quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock valued at $2,664,000 after buying an additional 84 shares during the period. Cornerstone Planning Group LLC increased its holdings in shares of ConocoPhillips by 9.6% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer’s stock worth $124,000 after buying an additional 88 shares during the last quarter. Blue Trust Inc. raised its position in shares of ConocoPhillips by 0.4% during the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after buying an additional 92 shares during the period. Finally, Sigma Planning Corp raised its position in shares of ConocoPhillips by 0.6% during the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock valued at $2,120,000 after buying an additional 94 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on COP. Jefferies Financial Group increased their price objective on ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. The Goldman Sachs Group decreased their price target on ConocoPhillips from $144.00 to $138.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. UBS Group increased their price target on ConocoPhillips from $143.00 to $153.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Royal Bank Of Canada set a $130.00 price objective on shares of ConocoPhillips in a report on Monday, June 22nd. Finally, Truist Financial increased their target price on shares of ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $137.48.

ConocoPhillips Trading Up 1.8%

Shares of NYSE COP opened at $129.82 on Wednesday. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $114.31 and a 200-day simple moving average of $117.12. The stock has a market capitalization of $155.96 billion, a PE ratio of 17.17, a PEG ratio of 1.40 and a beta of 0.11.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.34. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The firm had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the prior year, the company earned $1.42 EPS. ConocoPhillips’s revenue was up 32.4% on a year-over-year basis. On average, equities analysts forecast that ConocoPhillips will post 10.05 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio is currently 44.44%.

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.