Spire Wealth Management Reduces Stock Position in ConocoPhillips $COP

Spire Wealth Management lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 43.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,623 shares of the energy producer’s stock after selling 8,023 shares during the quarter. Spire Wealth Management’s holdings in ConocoPhillips were worth $953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Bogart Wealth LLC boosted its stake in shares of ConocoPhillips by 136.8% during the 2nd quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after acquiring an additional 182 shares during the last quarter. Activest Wealth Management boosted its stake in shares of ConocoPhillips by 249.5% during the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after acquiring an additional 232 shares during the last quarter. Financial Network Wealth Advisors LLC boosted its stake in shares of ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips during the 1st quarter worth $31,000. Finally, IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on COP. Jefferies Financial Group dropped their price target on shares of ConocoPhillips from $129.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Melius began coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on shares of ConocoPhillips from $114.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Capital One Financial raised their price objective on shares of ConocoPhillips from $111.00 to $112.00 in a research report on Friday, October 3rd. Finally, Piper Sandler decreased their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, October 13th. Eighteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.63.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $88.99 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market cap of $111.14 billion, a P/E ratio of 11.94, a P/E/G ratio of 2.36 and a beta of 0.62. The firm’s fifty day moving average is $92.66 and its two-hundred day moving average is $92.03. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $115.38.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. The company had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.98 EPS. As a group, analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s payout ratio is 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.