ConocoPhillips (NYSE:COP) Position Reduced by Peak Asset Management LLC

Peak Asset Management LLC lowered its stake in ConocoPhillips (NYSE:COP) by 1.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 64,947 shares of the energy producer’s stock after selling 779 shares during the period. ConocoPhillips accounts for approximately 1.3% of Peak Asset Management LLC’s holdings, making the stock its 26th biggest holding. Peak Asset Management LLC’s holdings in ConocoPhillips were worth $6,838,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Plato Investment Management Ltd grew its position in shares of ConocoPhillips by 18.4% during the 3rd quarter. Plato Investment Management Ltd now owns 26,619 shares of the energy producer’s stock valued at $2,800,000 after buying an additional 4,134 shares during the last quarter. Schrum Private Wealth Management LLC raised its holdings in shares of ConocoPhillips by 9.5% during the third quarter. Schrum Private Wealth Management LLC now owns 3,948 shares of the energy producer’s stock valued at $416,000 after buying an additional 344 shares during the last quarter. Kovack Advisors Inc. boosted its position in shares of ConocoPhillips by 15.9% during the third quarter. Kovack Advisors Inc. now owns 27,779 shares of the energy producer’s stock worth $2,925,000 after buying an additional 3,809 shares during the period. Parthenon LLC increased its position in ConocoPhillips by 47.5% in the 3rd quarter. Parthenon LLC now owns 2,796 shares of the energy producer’s stock valued at $294,000 after acquiring an additional 900 shares during the period. Finally, MQS Management LLC raised its stake in ConocoPhillips by 286.0% during the 3rd quarter. MQS Management LLC now owns 12,102 shares of the energy producer’s stock valued at $1,274,000 after acquiring an additional 8,967 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

COP stock opened at $111.82 on Thursday. The stock has a market capitalization of $128.69 billion, a PE ratio of 13.30, 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 current ratio of 1.30 and a quick ratio of 1.16. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The company has a 50 day moving average price of $107.71 and a 200 day moving average price of $111.90.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business 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%. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.16 earnings per share. Analysts forecast that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is 37.10%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on COP. Sanford C. Bernstein reduced their price objective on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. BMO Capital Markets raised their price objective on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Susquehanna upped their target price on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a report on Friday, November 1st. Finally, Scotiabank dropped their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average target price of $137.47.

ConocoPhillips Company 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.