Carolinas Wealth Consulting LLC Sells 122 Shares of ConocoPhillips (NYSE:COP)

Carolinas Wealth Consulting LLC decreased its position in shares of ConocoPhillips (NYSE:COP) by 11.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 950 shares of the energy producer’s stock after selling 122 shares during the quarter. Carolinas Wealth Consulting LLC’s holdings in ConocoPhillips were worth $109,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in COP. Cardinal Capital Management Inc. bought a new position in ConocoPhillips during the 4th quarter worth about $13,468,000. Harbor Investment Advisory LLC increased its holdings in ConocoPhillips by 2.2% during the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after buying an additional 212 shares during the period. First Trust Direct Indexing L.P. raised its stake in ConocoPhillips by 5.6% in the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after buying an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in ConocoPhillips during the second quarter worth $30,021,000. Finally, EP Wealth Advisors LLC boosted its position in ConocoPhillips by 19.1% during the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after acquiring an additional 4,578 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $108.64 on Thursday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The business’s 50 day moving average price is $109.89 and its 200 day moving average price is $116.59. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The firm has a market cap of $126.16 billion, a P/E ratio of 12.30, a P/E/G ratio of 0.78 and a beta of 1.22.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. During the same period in the prior year, the firm earned $1.84 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, sell-side analysts expect that ConocoPhillips will post 8.41 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.14%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Susquehanna decreased their price objective on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Barclays increased their price target on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Wolfe Research began coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price for the company. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $142.29.

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.