ConocoPhillips $COP Holdings Cut by Moran Wealth Management LLC

Moran Wealth Management LLC lowered its holdings in ConocoPhillips (NYSE:COP) by 11.0% during the second quarter, HoldingsChannel.com reports. The fund owned 5,871 shares of the energy producer’s stock after selling 728 shares during the period. Moran Wealth Management LLC’s holdings in ConocoPhillips were worth $527,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of ConocoPhillips by 1.4% during 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 buying an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings 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 valued at $942,297,000 after buying an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of ConocoPhillips by 15.1% during the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock valued at $861,490,000 after buying an additional 1,073,906 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of ConocoPhillips during the first quarter valued at approximately $658,981,000. Institutional investors own 82.36% of the company’s stock.

Analysts Set New Price Targets

COP has been the topic of a number of recent analyst reports. Melius Research initiated coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target on the stock. Piper Sandler cut their price target on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday. Mizuho cut their price target on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Morgan Stanley dropped their target price on ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $116.78.

ConocoPhillips Stock Down 1.0%

ConocoPhillips stock opened at $86.83 on Friday. The firm has a market cap of $108.45 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 2.35 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38. The firm has a fifty day moving average price of $94.19 and a two-hundred day moving average price of $92.16.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.98 EPS. As a group, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips’s payout ratio is currently 41.88%.

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.