Patron Partners LLC Lowers Stock Position in ConocoPhillips (NYSE:COP)

Patron Partners LLC decreased its position in ConocoPhillips (NYSE:COP) by 3.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,079 shares of the energy producer’s stock after selling 164 shares during the period. Patron Partners LLC’s holdings in ConocoPhillips were worth $429,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of COP. Manning & Napier Advisors LLC purchased a new position in shares of ConocoPhillips during the 2nd quarter valued at approximately $30,021,000. EP Wealth Advisors LLC lifted its holdings in ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after purchasing an additional 4,578 shares in the last quarter. Alpha DNA Investment Management LLC lifted its holdings in ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock valued at $1,879,000 after purchasing an additional 7,490 shares in the last quarter. TCW Group Inc. increased its stake in shares of ConocoPhillips by 37.8% during the second quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after purchasing an additional 8,231 shares in the last quarter. Finally, Doheny Asset Management CA acquired a new position in shares of ConocoPhillips during the 2nd quarter worth about $815,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Trading Up 0.4 %

COP opened at $112.08 on Tuesday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The business has a fifty day simple moving average of $107.69 and a 200-day simple moving average of $112.04. The firm has a market cap of $128.99 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.91 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS 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 analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period last year, the business posted $2.16 EPS. On average, equities analysts expect that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a dividend of $0.78 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Analyst Ratings Changes

Several research firms recently issued reports on COP. UBS Group lowered their price objective on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Scotiabank dropped 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. Truist Financial decreased their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. StockNews.com lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $137.47.

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.