World Asset Management Inc Lowers Stock Holdings in ConocoPhillips (NYSE:COP)

World Asset Management Inc lowered its stake in ConocoPhillips (NYSE:COP) by 3.9% during the 2nd quarter, Holdings Channel reports. The firm owned 50,854 shares of the energy producer’s stock after selling 2,044 shares during the quarter. World Asset Management Inc’s holdings in ConocoPhillips were worth $3,097,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Marcum Wealth LLC lifted its stake in ConocoPhillips by 11.5% in the 2nd quarter. Marcum Wealth LLC now owns 8,874 shares of the energy producer’s stock worth $540,000 after purchasing an additional 913 shares in the last quarter. National Asset Management Inc. lifted its stake in ConocoPhillips by 66.9% in the 2nd quarter. National Asset Management Inc. now owns 55,048 shares of the energy producer’s stock worth $3,280,000 after purchasing an additional 22,068 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in ConocoPhillips by 2.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 224,315 shares of the energy producer’s stock worth $13,661,000 after purchasing an additional 5,541 shares in the last quarter. MCF Advisors LLC lifted its stake in ConocoPhillips by 375.9% in the 2nd quarter. MCF Advisors LLC now owns 2,251 shares of the energy producer’s stock worth $137,000 after purchasing an additional 1,778 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in ConocoPhillips by 20.6% in the 2nd quarter. Toronto Dominion Bank now owns 1,036,139 shares of the energy producer’s stock worth $63,525,000 after purchasing an additional 177,133 shares in the last quarter. Institutional investors and hedge funds own 78.47% of the company’s stock.

In other news, Director Jody Freeman sold 3,334 shares of the company’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $59.65, for a total value of $198,873.10. Following the completion of the sale, the director now owns 8,251 shares of the company’s stock, valued at approximately $492,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director R A. Walker bought 18,000 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were purchased at an average cost of $55.50 per share, with a total value of $999,000.00. The disclosure for this purchase can be found here. 0.08% of the stock is owned by corporate insiders.

COP stock traded up $2.26 during mid-day trading on Wednesday, reaching $59.20. The company had a trading volume of 317,864 shares, compared to its average volume of 9,242,954. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.11 and a quick ratio of 1.97. The company has a market capitalization of $79.27 billion, a PE ratio of 51.10, a price-to-earnings-growth ratio of 1.56 and a beta of 1.77. The firm has a 50 day moving average of $56.17 and a 200 day moving average of $55.98. ConocoPhillips has a 12 month low of $27.53 and a 12 month high of $63.57.

ConocoPhillips (NYSE:COP) last issued its earnings results on Tuesday, August 3rd. The energy producer reported $1.27 EPS for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.17. The business had revenue of $10.21 billion for the quarter, compared to the consensus estimate of $10.44 billion. ConocoPhillips had a net margin of 5.93% and a return on equity of 5.64%. During the same period in the prior year, the firm earned ($0.92) EPS. Analysts anticipate that ConocoPhillips will post 4.79 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Monday, July 26th were paid a $0.43 dividend. The ex-dividend date of this dividend was Friday, July 23rd. This represents a $1.72 dividend on an annualized basis and a yield of 2.91%. ConocoPhillips’s dividend payout ratio is currently -177.32%.

Several brokerages have commented on COP. Morgan Stanley decreased their price target on shares of ConocoPhillips from $85.00 to $82.00 and set an “overweight” rating on the stock in a research note on Monday, August 23rd. Truist Securities boosted their target price on shares of ConocoPhillips from $63.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, July 1st. Mizuho boosted their target price on shares of ConocoPhillips from $82.00 to $86.00 and gave the stock a “buy” rating in a report on Thursday, July 15th. boosted their target price on shares of ConocoPhillips from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 1st. Finally, BMO Capital Markets boosted their target price on shares of ConocoPhillips from $72.00 to $76.00 and gave the stock an “outperform” rating in a report on Thursday, July 1st. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $70.81.

ConocoPhillips Profile

ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe, Middle East and North Africa; Asia Pacific; and Other International.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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