Wealthfront Advisers LLC Has $23.17 Million Stock Holdings in ConocoPhillips $COP

Wealthfront Advisers LLC lifted its position in ConocoPhillips (NYSE:COP) by 9.2% during the 2nd quarter, Holdings Channel reports. The firm owned 222,862 shares of the energy producer’s stock after buying an additional 18,776 shares during the quarter. Wealthfront Advisers LLC’s holdings in ConocoPhillips were worth $23,169,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Main Street Financial Solutions LLC bought a new stake in ConocoPhillips during the second quarter worth about $324,000. Texas Capital Bank Wealth Management Services Inc raised its stake in shares of ConocoPhillips by 35.1% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 81,430 shares of the energy producer’s stock valued at $8,465,000 after acquiring an additional 21,151 shares during the last quarter. UNIVEST FINANCIAL Corp boosted its holdings in shares of ConocoPhillips by 1.6% in the 2nd quarter. UNIVEST FINANCIAL Corp now owns 12,964 shares of the energy producer’s stock worth $1,348,000 after acquiring an additional 198 shares in the last quarter. Quent Capital LLC boosted its holdings in shares of ConocoPhillips by 38.5% in the 2nd quarter. Quent Capital LLC now owns 4,279 shares of the energy producer’s stock worth $445,000 after acquiring an additional 1,190 shares in the last quarter. Finally, Focused Alpha LLC bought a new stake in ConocoPhillips during the 2nd quarter worth approximately $489,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $129.82 on Wednesday. The stock has a market capitalization of $155.96 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.40 and a beta of 0.11. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $114.31 and a two-hundred day moving average price of $117.12.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same quarter last year, the firm earned $1.42 EPS. The company’s revenue for the quarter was up 32.4% on a year-over-year basis. Equities analysts predict that ConocoPhillips will post 10.05 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a $0.84 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. ConocoPhillips’s dividend payout ratio (DPR) is presently 44.44%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COP. Zacks Research cut ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Wells Fargo & Company raised their target price on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $147.00 price target on shares of ConocoPhillips in a report on Friday, August 7th. Susquehanna upped their price target on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $137.48.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.