Trueblood Wealth Management LLC Sells 260 Shares of ConocoPhillips (NYSE:COP)

Trueblood Wealth Management LLC lowered its position in shares of ConocoPhillips (NYSE:COP) by 3.0% during the first quarter, HoldingsChannel reports. The fund owned 8,273 shares of the energy producer’s stock after selling 260 shares during the quarter. Trueblood Wealth Management LLC’s holdings in ConocoPhillips were worth $869,000 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. Murphy & Mullick Capital Management Corp bought a new stake in shares of ConocoPhillips in the 4th quarter valued at about $26,000. Centricity Wealth Management LLC bought a new stake in shares of ConocoPhillips in the 4th quarter valued at about $27,000. 10Elms LLP bought a new stake in shares of ConocoPhillips in the 4th quarter valued at about $28,000. Crowley Wealth Management Inc. bought a new stake in shares of ConocoPhillips in the 4th quarter valued at about $32,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of ConocoPhillips in the 4th quarter valued at about $36,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on COP shares. Royal Bank of Canada reduced their price target on ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. Piper Sandler reduced their price target on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Morgan Stanley upped their price target on ConocoPhillips from $116.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Bank of America dropped their price objective on ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, May 23rd. Finally, UBS Group dropped their price objective on ConocoPhillips from $116.00 to $111.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $121.63.

ConocoPhillips Stock Up 3.5%

COP stock opened at $91.08 on Wednesday. The stock’s 50 day simple moving average is $88.30 and its 200 day simple moving average is $96.11. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.14 and a current ratio of 1.29. The company has a market cap of $115.14 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the prior year, the business earned $2.05 EPS. On average, research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.43%. The ex-dividend date was Monday, May 19th. ConocoPhillips’s dividend payout ratio (DPR) is presently 39.64%.

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.