Cornerstone Wealth Management LLC Reduces Holdings in ConocoPhillips (NYSE:COP)

Cornerstone Wealth Management LLC lowered its position in ConocoPhillips (NYSE:COP) by 5.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,641 shares of the energy producer’s stock after selling 744 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in ConocoPhillips were worth $1,609,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Orion Capital Management LLC purchased a new position in shares of ConocoPhillips during the third quarter valued at approximately $27,000. West Branch Capital LLC lifted its stake in shares of ConocoPhillips by 87.8% during the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. Cooksen Wealth LLC purchased a new position in ConocoPhillips during the 4th quarter valued at $27,000. Sachetta LLC bought a new position in ConocoPhillips in the 4th quarter valued at $27,000. Finally, Richardson Capital Management LLC purchased a new stake in ConocoPhillips in the first quarter worth $31,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 0.6 %

NYSE:COP opened at $114.77 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35. The stock has a market capitalization of $134.23 billion, a P/E ratio of 13.00, a P/E/G ratio of 2.05 and a beta of 1.23. The company’s 50-day simple moving average is $117.39 and its 200-day simple moving average is $117.59. ConocoPhillips has a fifty-two week low of $99.35 and a fifty-two week high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company had revenue of $14.48 billion during the quarter, compared to the consensus estimate of $14.72 billion. On average, equities analysts anticipate that ConocoPhillips will post 8.89 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Friday, May 10th. ConocoPhillips’s payout ratio is 26.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COP. StockNews.com upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Scotiabank raised their target price on shares of ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 11th. Raymond James reaffirmed a “strong-buy” rating and set a $159.00 price target (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Mizuho dropped their price objective on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 5th. Finally, Wells Fargo & Company lifted their target price on ConocoPhillips from $149.00 to $151.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.18.

ConocoPhillips Company 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.