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Ritholtz Wealth Management Trims Stake in ConocoPhillips (NYSE:COP)

Financial News Live · Sep 23, 2022 11:21

Ritholtz Wealth Management reduced its position in ConocoPhillips (NYSE:COP – Get Rating) by 0.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 19,273 shares of the energy producer's stock after selling 137 shares during the period. Ritholtz Wealth Management's holdings in ConocoPhillips were worth $1,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COP. Arkadios Wealth Advisors raised its stake in shares of ConocoPhillips by 46.5% during the 1st quarter. Arkadios Wealth Advisors now owns 5,224 shares of the energy producer's stock worth $522,000 after buying an additional 1,657 shares in the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of ConocoPhillips by 76.7% during the 1st quarter. Great Valley Advisor Group Inc. now owns 27,710 shares of the energy producer's stock worth $2,328,000 after buying an additional 12,028 shares in the last quarter. Cetera Advisors LLC raised its stake in shares of ConocoPhillips by 63.9% during the 1st quarter. Cetera Advisors LLC now owns 42,067 shares of the energy producer's stock worth $4,207,000 after buying an additional 16,396 shares in the last quarter. First Republic Investment Management Inc. raised its stake in shares of ConocoPhillips by 9.5% during the 1st quarter. First Republic Investment Management Inc. now owns 697,281 shares of the energy producer's stock worth $69,728,000 after buying an additional 60,715 shares in the last quarter. Finally, AE Wealth Management LLC raised its stake in shares of ConocoPhillips by 6.8% during the 1st quarter. AE Wealth Management LLC now owns 60,699 shares of the energy producer's stock worth $6,070,000 after buying an additional 3,856 shares in the last quarter. 79.66% of the stock is owned by hedge funds and other institutional investors.

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ConocoPhillips Price Performance

NYSE COP traded down $8.85 on Friday, reaching $101.21. The company's stock had a trading volume of 209,872 shares, compared to its average volume of 6,914,243. The company has a current ratio of 1.54, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The firm has a market cap of $130.91 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 0.39 and a beta of 1.31. ConocoPhillips has a 52 week low of $62.25 and a 52 week high of $124.08. The business has a 50-day moving average price of $102.42 and a 200 day moving average price of $101.24.

ConocoPhillips (NYSE:COP – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The energy producer reported $3.91 earnings per share for the quarter, missing the consensus estimate of $3.95 by ($0.04). ConocoPhillips had a net margin of 23.10% and a return on equity of 31.24%. During the same quarter last year, the business earned $1.27 earnings per share. Sell-side analysts expect that ConocoPhillips will post 14.54 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, September 1st. Stockholders of record on Tuesday, August 16th were given a $1.40 dividend. The ex-dividend date of this dividend was Thursday, September 29th. ConocoPhillips's dividend payout ratio (DPR) is presently 15.19%.

Analyst Upgrades and Downgrades

COP has been the topic of a number of research reports. Societe Generale upped their price target on ConocoPhillips to $127.00 in a report on Thursday, June 9th. MKM Partners increased their target price on ConocoPhillips from $110.00 to $118.00 and gave the company a "buy" rating in a report on Friday, August 26th. Truist Financial lowered their target price on ConocoPhillips from $126.00 to $123.00 and set a "buy" rating on the stock in a report on Wednesday, July 13th. The Goldman Sachs Group decreased their price objective on ConocoPhillips from $140.00 to $123.00 and set a "buy" rating on the stock in a report on Wednesday, June 22nd. Finally, Piper Sandler raised their price objective on ConocoPhillips from $123.00 to $134.00 and gave the stock an "overweight" rating in a report on Monday, September 12th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips has a consensus rating of "Moderate Buy" and a consensus target price of $121.79.

Insider Activity

In other ConocoPhillips news, EVP Nicholas G. Olds sold 10,950 shares of ConocoPhillips stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $116.52, for a total value of $1,275,894.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.08% of the company's stock.

ConocoPhillips Company Profile

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ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.