Premier Path Wealth Partners LLC Sells 650 Shares of ConocoPhillips (NYSE:COP)

Premier Path Wealth Partners LLC lessened its holdings in ConocoPhillips (NYSE:COP) by 13.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,031 shares of the energy producer’s stock after selling 650 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in ConocoPhillips were worth $461,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of COP. Sachetta LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter worth $27,000. Cooksen Wealth LLC purchased a new stake in ConocoPhillips in the fourth quarter valued at about $27,000. Cape Investment Advisory Inc. raised its stake 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 buying an additional 121 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in ConocoPhillips in the first quarter valued at about $31,000. Finally, Northwest Bank & Trust Co purchased a new stake in ConocoPhillips in the fourth quarter valued at about $32,000. Institutional investors own 82.36% of the company’s stock.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the transaction, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on COP shares. Truist Financial decreased their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Wolfe Research started coverage on ConocoPhillips in a report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 price objective on the stock. Scotiabank cut their price objective on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a report on Friday, July 12th. Raymond James reissued a “strong-buy” rating and issued a $159.00 price objective (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Finally, Wells Fargo & Company dropped their target price on ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.65.

ConocoPhillips Price Performance

Shares of NYSE COP traded up $1.43 during midday trading on Friday, hitting $111.40. The stock had a trading volume of 4,024,190 shares, compared to its average volume of 5,675,574. The company has a market capitalization of $130.29 billion, a PE ratio of 12.62, a P/E/G ratio of 2.22 and a beta of 1.24. The stock has a 50 day simple moving average of $111.42 and a 200-day simple moving average of $116.94. ConocoPhillips has a 1 year low of $102.27 and a 1 year high of $135.18. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.84 earnings per share. On average, sell-side analysts expect that ConocoPhillips will post 8.64 EPS for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be given a $0.58 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.08%. ConocoPhillips’s dividend payout ratio (DPR) is presently 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.