SVB Wealth LLC Reduces Stake in ConocoPhillips (NYSE:COP)

SVB Wealth LLC reduced its holdings in shares of ConocoPhillips (NYSE:COP) by 16.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,335 shares of the energy producer’s stock after selling 4,129 shares during the quarter. SVB Wealth LLC’s holdings in ConocoPhillips were worth $2,588,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. West Branch Capital LLC increased its holdings in shares of ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after buying an additional 108 shares during the last quarter. Cooksen Wealth LLC bought a new stake in ConocoPhillips in the 4th quarter worth $27,000. Sachetta LLC bought a new stake in ConocoPhillips in the 4th quarter worth $27,000. Richardson Capital Management LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter worth about $31,000. Finally, Cape Investment Advisory Inc. lifted its position in shares of ConocoPhillips by 96.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after purchasing an additional 121 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP traded up $0.78 on Tuesday, hitting $109.90. 647,157 shares of the company’s stock were exchanged, compared to its average volume of 5,547,434. ConocoPhillips has a fifty-two week low of $105.77 and a fifty-two week high of $135.18. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $113.52 and a 200-day moving average price of $117.19. The stock has a market cap of $128.53 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 2.19 and a beta of 1.24.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The firm had revenue of $14.48 billion for the quarter, compared to analysts’ expectations of $14.72 billion. As a group, equities analysts anticipate that ConocoPhillips will post 8.73 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were given a $0.78 dividend. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a yield of 2.84%. ConocoPhillips’s payout ratio is currently 26.27%.

Analyst Ratings Changes

COP has been the subject of a number of recent research reports. Mizuho lowered their price target on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a research report on Wednesday, June 5th. Truist Financial reduced their price target on shares of ConocoPhillips from $165.00 to $147.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Barclays boosted their target price on shares of ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Royal Bank of Canada boosted their target price on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, May 15th. Finally, StockNews.com downgraded shares of ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Five equities 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $143.24.

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.