Balboa Wealth Partners Lowers Stake in ConocoPhillips (NYSE:COP)

Balboa Wealth Partners lowered its stake in shares of ConocoPhillips (NYSE:COP) by 13.0% in the second quarter, Holdings Channel reports. The institutional investor owned 2,113 shares of the energy producer’s stock after selling 316 shares during the period. Balboa Wealth Partners’ holdings in ConocoPhillips were worth $219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in COP. Fairfield Bush & CO. purchased a new stake in shares of ConocoPhillips during the 1st quarter valued at $31,000. Cetera Investment Advisers increased its position in shares of ConocoPhillips by 4.0% in the 1st quarter. Cetera Investment Advisers now owns 25,399 shares of the energy producer’s stock valued at $2,540,000 after acquiring an additional 968 shares during the period. Baird Financial Group Inc. increased its position in shares of ConocoPhillips by 1.9% in the 1st quarter. Baird Financial Group Inc. now owns 512,126 shares of the energy producer’s stock valued at $51,213,000 after acquiring an additional 9,313 shares during the period. Zions Bancorporation N.A. increased its position in shares of ConocoPhillips by 59.1% in the 1st quarter. Zions Bancorporation N.A. now owns 1,810 shares of the energy producer’s stock valued at $181,000 after acquiring an additional 672 shares during the period. Finally, Brown Brothers Harriman & Co. increased its position in shares of ConocoPhillips by 21.3% in the 1st quarter. Brown Brothers Harriman & Co. now owns 14,063 shares of the energy producer’s stock valued at $1,406,000 after acquiring an additional 2,465 shares during the period. Hedge funds and other institutional investors own 80.36% of the company’s stock.

ConocoPhillips Price Performance

NYSE:COP opened at $115.63 on Friday. ConocoPhillips has a 52 week low of $91.53 and a 52 week high of $135.68. The company has a quick ratio of 1.53, a current ratio of 1.66 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $137.30 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.69 and a beta of 1.28. The stock’s 50-day moving average price is $120.48 and its 200-day moving average price is $111.87.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, November 13th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.51. This represents a $2.32 dividend on an annualized basis and a yield of 2.01%. ConocoPhillips’s dividend payout ratio (DPR) is currently 22.30%.

Insider Activity at ConocoPhillips

In related news, CEO Ryan Michael Lance sold 569,400 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $122.14, for a total value of $69,546,516.00. Following the transaction, the chief executive officer now directly owns 18,187 shares of the company’s stock, valued at approximately $2,221,360.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Andrew D. Lundquist sold 30,800 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $123.83, for a total value of $3,813,964.00. Following the transaction, the senior vice president now directly owns 5,937 shares of the company’s stock, valued at approximately $735,178.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Michael Lance sold 569,400 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the completion of the transaction, the chief executive officer now directly owns 18,187 shares in the company, valued at $2,221,360.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 602,049 shares of company stock valued at $73,591,956. 0.37% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

COP has been the topic of several research reports. Wells Fargo & Company upped their target price on ConocoPhillips from $134.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Mizuho upped their target price on ConocoPhillips from $135.00 to $139.00 and gave the company a “neutral” rating in a research report on Monday, September 18th. UBS Group upped their target price on ConocoPhillips from $147.00 to $149.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. StockNews.com started coverage on ConocoPhillips in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Susquehanna cut their price target on ConocoPhillips from $153.00 to $152.00 and set a “positive” rating on the stock in a research report on Wednesday, October 18th. Five equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $136.16.

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 and internationally. 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 global exploration prospects.