Spire Wealth Management Cuts Position in ConocoPhillips $COP

Spire Wealth Management trimmed its holdings in shares of ConocoPhillips (NYSE:COP) by 43.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,623 shares of the energy producer’s stock after selling 8,023 shares during the period. Spire Wealth Management’s holdings in ConocoPhillips were worth $953,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in COP. Tritonpoint Wealth LLC boosted its holdings in shares of ConocoPhillips by 1.3% during the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after purchasing an additional 110 shares during the period. Iowa State Bank raised its stake in ConocoPhillips by 0.5% in the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after buying an additional 110 shares in the last quarter. First National Bank Sioux Falls raised its stake in ConocoPhillips by 4.6% in the second quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock worth $231,000 after buying an additional 113 shares in the last quarter. KLCM Advisors Inc. raised its stake in ConocoPhillips by 2.6% in the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock worth $473,000 after buying an additional 115 shares in the last quarter. Finally, Fairvoy Private Wealth LLC raised its stake in ConocoPhillips by 3.5% in the second quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer’s stock worth $314,000 after buying an additional 117 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 1.0%

NYSE:COP opened at $88.99 on Friday. The company’s 50 day moving average price is $92.66 and its 200-day moving average price is $92.03. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38. 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 has a market cap of $111.14 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 2.36 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. During the same quarter in the prior year, the company posted $1.98 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. BMO Capital Markets increased their price target on shares of ConocoPhillips from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. Roth Capital decreased their price target on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. Evercore ISI decreased their target price on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Monday, October 6th. Piper Sandler decreased their target price on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 13th. Finally, Morgan Stanley decreased their target price on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Eighteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.63.

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.