Lummis Asset Management LP Trims Holdings in ConocoPhillips (NYSE:COP)

Lummis Asset Management LP reduced its position in shares of ConocoPhillips (NYSE:COP) by 68.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,214 shares of the energy producer’s stock after selling 8,995 shares during the period. Lummis Asset Management LP’s holdings in ConocoPhillips were worth $536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in COP. Valued Wealth Advisors LLC lifted its holdings in ConocoPhillips by 45.8% during the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after purchasing an additional 82 shares during the last quarter. Astoria Portfolio Advisors LLC. lifted its holdings in ConocoPhillips by 4.0% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,232 shares of the energy producer’s stock worth $291,000 after purchasing an additional 85 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in ConocoPhillips by 22.1% during the 1st quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock worth $60,000 after purchasing an additional 86 shares during the last quarter. Adirondack Trust Co. lifted its holdings in ConocoPhillips by 3.1% during the 4th quarter. Adirondack Trust Co. now owns 2,990 shares of the energy producer’s stock worth $336,000 after purchasing an additional 90 shares during the last quarter. Finally, Mayfair Advisory Group LLC lifted its holdings in ConocoPhillips by 3.5% during the 1st quarter. Mayfair Advisory Group LLC now owns 2,627 shares of the energy producer’s stock worth $334,000 after purchasing an additional 90 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Mizuho dropped their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, June 5th. StockNews.com lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Raymond James restated a “strong-buy” rating and set a $159.00 price objective (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Sanford C. Bernstein lowered their price objective on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, Truist Financial lowered their price objective on ConocoPhillips from $165.00 to $147.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.24.

ConocoPhillips Price Performance

COP stock traded down $2.83 during midday trading on Thursday, reaching $108.37. 9,703,631 shares of the stock were exchanged, compared to its average volume of 5,651,569. The stock has a market capitalization of $126.74 billion, a PE ratio of 12.27, a P/E/G ratio of 2.17 and a beta of 1.23. ConocoPhillips has a 52 week low of $105.77 and a 52 week high of $135.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.35 and a quick ratio of 1.21. The company has a fifty day moving average price of $112.98 and a 200 day moving average price of $117.08.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.04. The business had revenue of $14.48 billion for the quarter, compared to analyst estimates of $14.72 billion. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. As a group, analysts expect that ConocoPhillips will post 8.73 EPS for the current fiscal year.

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.