Precedent Wealth Partners LLC Has $1.23 Million Stock Position in ConocoPhillips $COP

Precedent Wealth Partners LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 11.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 13,653 shares of the energy producer’s stock after selling 1,743 shares during the period. Precedent Wealth Partners LLC’s holdings in ConocoPhillips were worth $1,225,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tritonpoint Wealth LLC boosted its stake in 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 buying an additional 110 shares in the last quarter. First National Bank Sioux Falls boosted its stake in ConocoPhillips by 4.6% in the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock valued at $231,000 after buying an additional 113 shares in the last quarter. KLCM Advisors Inc. boosted its stake in ConocoPhillips by 2.6% in the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock valued at $473,000 after buying an additional 115 shares in the last quarter. Fairvoy Private Wealth LLC boosted its stake in ConocoPhillips by 3.5% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer’s stock valued at $314,000 after buying an additional 117 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators boosted its stake in ConocoPhillips by 3.9% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer’s stock valued at $334,000 after buying an additional 118 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Trading Up 0.8%

Shares of COP opened at $94.17 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The firm has a market capitalization of $117.61 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 2.46 and a beta of 0.62. The stock’s fifty day simple moving average is $94.92 and its 200-day simple moving average is $92.91.

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

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 annualized dividend and a yield of 3.3%. ConocoPhillips’s dividend payout ratio is presently 41.88%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Mizuho decreased their price target on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Wall Street Zen raised ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Roth Capital reaffirmed a “buy” rating on shares of ConocoPhillips in a research note on Wednesday, September 3rd. Piper Sandler boosted their price target on ConocoPhillips from $123.00 to $124.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, Royal Bank Of Canada reduced their price objective on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $120.14.

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.