PAX Financial Group LLC Lowers Stock Holdings in ConocoPhillips $COP

PAX Financial Group LLC lessened its stake in shares of ConocoPhillips (NYSE:COP) by 29.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,236 shares of the energy producer’s stock after selling 926 shares during the quarter. PAX Financial Group LLC’s holdings in ConocoPhillips were worth $201,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after buying an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after acquiring an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after acquiring an additional 2,080,625 shares during the period. Ameriprise Financial Inc. raised its holdings in ConocoPhillips by 15.1% during the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock worth $861,490,000 after purchasing an additional 1,073,906 shares in the last quarter. Finally, Boston Partners raised its holdings in ConocoPhillips by 3.8% during the second quarter. Boston Partners now owns 6,411,539 shares of the energy producer’s stock worth $576,332,000 after purchasing an additional 232,117 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

Shares of COP stock opened at $88.95 on Tuesday. The stock has a fifty day moving average price of $90.88 and a 200 day moving average price of $91.94. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market cap of $109.92 billion, a PE ratio of 11.94, a P/E/G ratio of 2.36 and a beta of 0.58. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.ConocoPhillips’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.78 earnings per share. Sell-side analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a dividend of $0.84 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, November 17th. This represents a $3.36 annualized dividend and a yield of 3.8%. ConocoPhillips’s payout ratio is 47.52%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, Director William H. Mcraven purchased 5,768 shares of ConocoPhillips stock in a transaction on Monday, November 10th. The shares were bought at an average price of $86.68 per share, with a total value of $499,970.24. Following the completion of the acquisition, the director directly owned 5,768 shares of the company’s stock, valued at approximately $499,970.24. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on COP. Evercore ISI dropped their target price on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a research report on Monday, October 6th. Barclays dropped their price objective on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Piper Sandler cut their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday, October 13th. Weiss Ratings restated a “hold (c-)” rating on shares of ConocoPhillips in a research report on Thursday. Finally, UBS Group lowered their price target on shares of ConocoPhillips from $122.00 to $117.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Eighteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.33.

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.