Chesapeake Wealth Management Sells 168 Shares of ConocoPhillips (NYSE:COP)

Chesapeake Wealth Management cut its holdings in shares of ConocoPhillips (NYSE:COP) by 2.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,398 shares of the energy producer’s stock after selling 168 shares during the period. Chesapeake Wealth Management’s holdings in ConocoPhillips were worth $846,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Cardinal Capital Management Inc. purchased a new position in shares of ConocoPhillips in the 4th quarter valued at $13,468,000. Harbor Investment Advisory LLC grew its stake in ConocoPhillips by 2.2% in the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after purchasing an additional 212 shares during the last quarter. First Trust Direct Indexing L.P. raised its holdings 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 purchasing an additional 1,390 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in ConocoPhillips in the second quarter worth about $30,021,000. Finally, EP Wealth Advisors LLC lifted its position in shares of ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after buying an additional 4,578 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on COP shares. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. Sanford C. Bernstein decreased their price objective on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Mizuho dropped their target price on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company decreased their price target on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Susquehanna dropped their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.29.

ConocoPhillips Stock Down 0.4 %

COP stock opened at $110.08 on Friday. The company has a market capitalization of $127.83 billion, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 0.80 and a beta of 1.22. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The firm’s fifty day simple moving average is $109.76 and its 200-day simple moving average is $116.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

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

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 26.27%.

Insider Buying and Selling at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s 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 sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

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.