Investment House LLC Has $306,000 Stock Position in ConocoPhillips (NYSE:COP)

Investment House LLC reduced its position in ConocoPhillips (NYSE:COP) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,675 shares of the energy producer’s stock after selling 100 shares during the period. Investment House LLC’s holdings in ConocoPhillips were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Cardinal Capital Management Inc. acquired a new stake in ConocoPhillips in the fourth quarter valued at approximately $13,468,000. Harbor Investment Advisory LLC boosted its holdings in ConocoPhillips by 2.2% in the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after purchasing an additional 212 shares in the last quarter. First Trust Direct Indexing L.P. increased its position in ConocoPhillips by 5.6% during the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after buying an additional 1,390 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in ConocoPhillips during the second quarter valued at about $30,021,000. Finally, EP Wealth Advisors LLC raised its stake in shares of ConocoPhillips by 19.1% in the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after acquiring an additional 4,578 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on COP. Bank of America reiterated a “buy” rating and set a $147.00 price target on shares of ConocoPhillips in a report on Friday, June 14th. Argus raised shares of ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a research report on Thursday, May 30th. Scotiabank cut their price objective on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating for the company in a research report on Friday, July 12th. Finally, Royal Bank of Canada increased their target price on ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, May 15th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $143.65.

ConocoPhillips Price Performance

Shares of COP traded down $0.23 during mid-day trading on Wednesday, reaching $109.62. The company had a trading volume of 4,011,634 shares, compared to its average volume of 5,698,457. The company’s 50-day moving average is $111.45 and its 200-day moving average is $117.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The company has a market capitalization of $127.30 billion, a P/E ratio of 12.35, a P/E/G ratio of 2.18 and a beta of 1.24. ConocoPhillips has a twelve month low of $102.27 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.84 EPS. On average, equities analysts anticipate that ConocoPhillips will post 8.64 EPS for the current year.

ConocoPhillips Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.12%. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

ConocoPhillips 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.