Edge Capital Group LLC Reduces Stake in ConocoPhillips (NYSE:COP)

Edge Capital Group LLC cut its holdings in shares of ConocoPhillips (NYSE:COP) by 0.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,562 shares of the energy producer’s stock after selling 119 shares during the quarter. Edge Capital Group LLC’s holdings in ConocoPhillips were worth $2,237,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Cardinal Capital Management Inc. acquired a new position in ConocoPhillips during the fourth quarter valued at $13,468,000. Harbor Investment Advisory LLC lifted its holdings in shares of ConocoPhillips by 2.2% in the 1st 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. boosted its stake in shares of 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 during the last quarter. Manning & Napier Advisors LLC acquired a new stake in ConocoPhillips during the second quarter worth about $30,021,000. Finally, EP Wealth Advisors LLC raised its position in 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 acquiring an additional 4,578 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

COP opened at $109.87 on Friday. The firm has a market capitalization of $127.59 billion, a PE ratio of 12.44, a PEG ratio of 0.80 and a beta of 1.22. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The firm’s 50-day moving average price is $109.76 and its 200 day moving average price is $116.57.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating 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 company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the business earned $1.84 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, sell-side analysts expect that ConocoPhillips will post 8.41 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced 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. This represents a $2.32 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on COP shares. Susquehanna dropped their price objective on shares of ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. 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 price target on the stock. Barclays upped their price objective on shares of ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Mizuho dropped their target price on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial reduced their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.29.

Insider Buying and Selling at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.34% of the stock is currently owned by company 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.