Simplicity Wealth LLC Grows Position in ConocoPhillips (NYSE:COP)

Simplicity Wealth LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 15.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,397 shares of the energy producer’s stock after purchasing an additional 5,117 shares during the period. Simplicity Wealth LLC’s holdings in ConocoPhillips were worth $4,392,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in COP. Cooksen Wealth LLC acquired a new position in ConocoPhillips during the fourth quarter valued at approximately $27,000. Sachetta LLC purchased a new stake in ConocoPhillips during the 4th quarter worth $27,000. Richardson Capital Management LLC acquired a new stake in ConocoPhillips in the 1st quarter valued at $31,000. Cape Investment Advisory Inc. raised its position in ConocoPhillips by 96.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares during the period. Finally, Ruedi Wealth Management Inc. lifted its stake in shares of ConocoPhillips by 150.0% during the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on COP. UBS Group lowered their target price on ConocoPhillips from $159.00 to $151.00 and set a “buy” rating for the company in a research note on Tuesday. Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Wells Fargo & Company lowered their price target on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Finally, Mizuho reduced their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, June 5th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $143.53.

ConocoPhillips Stock Performance

COP stock traded up $1.35 during mid-day trading on Thursday, reaching $108.28. The company had a trading volume of 5,391,817 shares, compared to its average volume of 5,712,207. ConocoPhillips has a one year low of $102.27 and a one year high of $135.18. The stock has a market capitalization of $126.64 billion, a P/E ratio of 12.25, a P/E/G ratio of 2.14 and a beta of 1.24. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The stock’s 50-day simple moving average is $112.07 and its two-hundred day simple moving average is $117.06.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm had revenue of $14.14 billion during the quarter, compared to analyst estimates of $14.96 billion. During the same period in the previous year, the business posted $1.84 EPS. ConocoPhillips’s revenue was up 9.7% on a year-over-year basis. Research analysts anticipate that ConocoPhillips will post 8.73 EPS for the current year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 12th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.