Forum Financial Management LP Acquires 342 Shares of ConocoPhillips $COP

Forum Financial Management LP lifted its holdings in ConocoPhillips (NYSE:COP) by 1.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 23,323 shares of the energy producer’s stock after acquiring an additional 342 shares during the quarter. Forum Financial Management LP’s holdings in ConocoPhillips were worth $2,093,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Financial Network Wealth Advisors LLC raised its holdings in ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Stone House Investment Management LLC bought a new stake in ConocoPhillips during the 1st quarter valued at $31,000. Bogart Wealth LLC raised its holdings in ConocoPhillips by 136.8% during the 2nd quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock valued at $28,000 after buying an additional 182 shares during the last quarter. Activest Wealth Management raised its holdings in ConocoPhillips by 249.5% during the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock valued at $29,000 after buying an additional 232 shares during the last quarter. Finally, IMA Advisory Services Inc. bought a new stake in ConocoPhillips during the 1st quarter valued at $37,000. 82.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Raymond James Financial lowered their price target on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, September 8th. Melius assumed coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target for the company. Melius Research assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of ConocoPhillips from $114.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Eighteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.63.

ConocoPhillips Stock Performance

Shares of COP stock opened at $87.45 on Thursday. The company’s 50-day moving average is $93.58 and its 200 day moving average is $91.85. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $109.22 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 2.28 and a beta of 0.62.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $14.39 billion. During the same quarter in the prior year, the business earned $1.98 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

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

ConocoPhillips Profile

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.