Financial Advocates Investment Management Sells 262 Shares of ConocoPhillips (NYSE:COP)

Financial Advocates Investment Management reduced its stake in shares of ConocoPhillips (NYSE:COP) by 6.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,835 shares of the energy producer’s stock after selling 262 shares during the quarter. Financial Advocates Investment Management’s holdings in ConocoPhillips were worth $404,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of COP. Norden Group LLC increased its stake in ConocoPhillips by 59.8% in the 1st quarter. Norden Group LLC now owns 7,270 shares of the energy producer’s stock worth $925,000 after purchasing an additional 2,720 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of ConocoPhillips in the first quarter worth $385,000. Goelzer Investment Management Inc. raised its holdings in ConocoPhillips by 7.0% during the 1st quarter. Goelzer Investment Management Inc. now owns 3,252 shares of the energy producer’s stock valued at $414,000 after buying an additional 214 shares during the last quarter. Lincoln National Corp boosted its position in ConocoPhillips by 2.7% during the 1st quarter. Lincoln National Corp now owns 23,555 shares of the energy producer’s stock valued at $2,998,000 after buying an additional 624 shares during the period. Finally, Quent Capital LLC grew its holdings in ConocoPhillips by 16.2% in the 1st quarter. Quent Capital LLC now owns 1,728 shares of the energy producer’s stock worth $220,000 after acquiring an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

COP has been the subject of several recent analyst reports. Truist Financial lowered their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Scotiabank lowered their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Wolfe Research initiated coverage on ConocoPhillips in a report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.47.

Insider Buying and Selling

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

ConocoPhillips Price Performance

Shares of COP opened at $107.84 on Friday. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The firm’s 50-day simple moving average is $107.94 and its two-hundred day simple moving average is $112.90. The stock has a market cap of $125.23 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.90 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.30.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The company had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the company earned $2.16 EPS. Analysts anticipate that ConocoPhillips will post 7.76 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is currently 37.10%.

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.