Stonegate Investment Group LLC Sells 2,121 Shares of ConocoPhillips (NYSE:COP)

by · The Markets Daily

Stonegate Investment Group LLC decreased its holdings in ConocoPhillips (NYSE:COP – Free Report) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,377 shares of the energy producer’s stock after selling 2,121 shares during the period. Stonegate Investment Group LLC’s holdings in ConocoPhillips were worth $5,514,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Richardson Capital Management LLC bought a new position in shares of ConocoPhillips in the first quarter worth about $31,000. Ruedi Wealth Management Inc. boosted its stake in shares of ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after acquiring an additional 150 shares during the period. Stephens Consulting LLC boosted its stake in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after acquiring an additional 104 shares during the period. Valued Wealth Advisors LLC boosted its stake in shares of ConocoPhillips by 45.8% in the first quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after acquiring an additional 82 shares during the period. Finally, Y.D. More Investments Ltd bought a new position in shares of ConocoPhillips in the second quarter worth about $35,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on COP shares. UBS Group dropped their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Barclays dropped their price target on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Wolfe Research initiated coverage on ConocoPhillips in a research note on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. Susquehanna dropped their price target on ConocoPhillips from $147.00 to $144.00 and set a “positive” rating for the company in a research note on Friday. Finally, Wells Fargo & Company dropped their price target on ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Five investment 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’s stock. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $136.94.

View Our Latest Research Report on ConocoPhillips

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

ConocoPhillips Trading Down 1.2 %

COP stock traded down $1.23 during midday trading on Friday, reaching $104.92. 951,949 shares of the company traded hands, compared to its average volume of 5,911,521. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The business has a 50 day moving average of $109.07 and a 200-day moving average of $115.06. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The firm has a market capitalization of $122.71 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 0.88 and a beta of 1.21.

ConocoPhillips (NYSE:COP – Get Free Report) last issued its quarterly 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 company’s revenue for the quarter was up 9.7% on a year-over-year basis. As a group, sell-side analysts expect that ConocoPhillips will post 8.02 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.21%. ConocoPhillips’s payout ratio is 26.27%.

About ConocoPhillips

(Free Report)

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.

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