Allen Mooney & Barnes Investment Advisors LLC Cuts Stock Holdings in ConocoPhillips $COP

Key Points

• Allen Mooney & Barnes Investment Advisors LLC reduced its holdings in ConocoPhillips (NYSE:COP) by 92.4%, selling 73,362 shares and leaving them with only 6,002 shares worth approximately $539,000.
• ConocoPhillips reported $1.42 earnings per share for the last quarter, exceeding estimates, with revenue also surpassing expectations at $14.94 billion.
• The company announced a quarterly dividend of $0.78 per share, translating to an annualized yield of 3.4% and a payout ratio of 41.88%.

Allen Mooney & Barnes Investment Advisors LLC trimmed its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 92.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,002 shares of the energy producer's stock after selling 73,362 shares during the quarter. Allen Mooney & Barnes Investment Advisors LLC's holdings in ConocoPhillips were worth $539,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in COP. 10Elms LLP purchased a new position in shares of ConocoPhillips during the 4th quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC increased its holdings 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 valued at $30,000 after purchasing an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $31,000. Garde Capital Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $35,000. Finally, IMA Advisory Services Inc. purchased a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $37,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 1.6%

Shares of COP stock opened at $92.60 on Monday. The company's 50-day moving average price is $94.75 and its 200-day moving average price is $92.92. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. The stock has a market cap of $115.65 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 2.43 and a beta of 0.69. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08.

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

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. ConocoPhillips's dividend payout ratio is presently 41.88%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on COP. Susquehanna cut their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Melius Research initiated coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Raymond James Financial lowered their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, September 8th. Finally, Melius initiated coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price on the stock. Sixteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $120.86.

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.

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