Heritage Wealth Management Inc. Acquires New Stake in ConocoPhillips (NYSE:COP)

Heritage Wealth Management Inc. acquired a new stake in ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent filing with the SEC. The firm acquired 12,133 shares of the energy producer’s stock, valued at approximately $1,366,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of COP. Price T Rowe Associates Inc. MD lifted its holdings in ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after acquiring an additional 8,479,963 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in ConocoPhillips by 512.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock valued at $433,757,000 after acquiring an additional 3,127,165 shares during the period. Capital International Investors lifted its holdings in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock valued at $2,705,059,000 after acquiring an additional 1,856,085 shares during the period. Clearbridge Investments LLC lifted its holdings in ConocoPhillips by 46.0% in the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock valued at $409,833,000 after acquiring an additional 1,015,158 shares during the period. Finally, TD Asset Management Inc lifted its holdings in ConocoPhillips by 34.7% in the first quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock valued at $351,602,000 after acquiring an additional 712,062 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on COP shares. UBS Group reduced their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Sanford C. Bernstein cut their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Susquehanna cut their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Finally, Truist Financial cut their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday. 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 company. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.82.

ConocoPhillips Trading Up 3.9 %

Shares of COP opened at $109.38 on Wednesday. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The company has a market capitalization of $127.92 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.85 and a beta of 1.22. The stock has a fifty day moving average of $108.68 and a two-hundred day moving average of $116.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm 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 business posted $1.84 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, analysts forecast that ConocoPhillips will post 8.14 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.12%. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.34% of the stock is owned by insiders.

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.