Drive Wealth Management LLC Decreases Position in ConocoPhillips $COP

Drive Wealth Management LLC decreased its position in shares of ConocoPhillips (NYSE:COP) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,507 shares of the energy producer’s stock after selling 294 shares during the quarter. Drive Wealth Management LLC’s holdings in ConocoPhillips were worth $404,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP grew its position in ConocoPhillips by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after purchasing an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock valued at $942,297,000 after purchasing an additional 2,080,625 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after buying an additional 1,073,906 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of ConocoPhillips in the first quarter valued at about $658,981,000. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $87.01 on Tuesday. The company has a market cap of $108.67 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 2.29 and a beta of 0.62. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The business has a fifty day moving average of $93.91 and a two-hundred day moving average of $91.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $14.39 billion. During the same quarter last year, the business earned $1.98 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is presently 41.88%.

Analysts Set New Price Targets

Several analysts have commented on the company. Melius Research assumed coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective for the company. Wolfe Research dropped their target price on ConocoPhillips from $137.00 to $130.00 and set an “outperform” rating on the stock in a report on Monday. Susquehanna decreased their price target on ConocoPhillips to $113.00 and set a “positive” rating for the company in a report on Monday. Wells Fargo & Company assumed coverage on shares of ConocoPhillips in a research report on Friday. They issued an “equal weight” rating and a $100.00 price objective on the stock. Finally, Scotiabank boosted their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a “sector perform” rating in a research note on Friday, July 11th. Eighteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.63.

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.