Cantor Fitzgerald Investment Advisors L.P. Sells 21,065 Shares of ConocoPhillips $COP

Key Points

• Cantor Fitzgerald Investment Advisors cut its ConocoPhillips stake by 16.2% in the third quarter, selling 21,065 shares and retaining 108,730 shares valued at approximately $13.6 million.
• Institutional ownership remains high at 82.36%, with several firms increasing their positions or initiating new stakes. An insider also sold 9,487 shares, reducing insider ownership to 0.09%.
• ConocoPhillips reported quarterly EPS of $3.24, beating estimates, while revenue rose 32.4% year over year to $19.52 billion. Analysts maintain a “Moderate Buy” consensus, with an average price target of $145.

Cantor Fitzgerald Investment Advisors L.P. lessened its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 16.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 108,730 shares of the energy producer's stock after selling 21,065 shares during the quarter. Cantor Fitzgerald Investment Advisors L.P.'s holdings in ConocoPhillips were worth $13,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Venture Visionary Partners LLC boosted its holdings in ConocoPhillips by 263.6% during the third quarter. Venture Visionary Partners LLC now owns 118,655 shares of the energy producer's stock worth $14,850,000 after buying an additional 86,019 shares in the last quarter. Cooper Financial Group grew its position in ConocoPhillips by 55.9% in the third quarter. Cooper Financial Group now owns 11,635 shares of the energy producer's stock worth $1,456,000 after buying an additional 4,172 shares during the last quarter. B. Metzler seel. Sohn & Co. AG acquired a new position in ConocoPhillips in the second quarter worth approximately $6,896,000. Qsemble Capital Management LP bought a new position in shares of ConocoPhillips in the second quarter valued at $3,645,000. Finally, Cetera Trust Company N.A acquired a new stake in shares of ConocoPhillips during the 2nd quarter valued at $870,000. Institutional investors own 82.36% of the company's stock.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares of the company's stock, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by company insiders.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $145.77 on Thursday. The firm's 50 day simple moving average is $133.34 and its 200-day simple moving average is $122.69. The company has a market cap of $175.12 billion, a P/E ratio of 18.81, a price-to-earnings-growth ratio of 1.45 and a beta of 0.24. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $147.41.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the previous year, the business earned $1.42 earnings per share. The firm's revenue was up 32.4% compared to the same quarter last year. As a group, equities research analysts predict that ConocoPhillips will post 11.19 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips's payout ratio is 44.44%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Weiss Ratings upgraded ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 29th. Susquehanna lifted their target price on ConocoPhillips from $161.00 to $175.00 and gave the stock a "positive" rating in a report on Tuesday. UBS Group boosted their target price on ConocoPhillips from $153.00 to $169.00 and gave the stock a "buy" rating in a research report on Monday, September 14th. Truist Financial boosted their target price on ConocoPhillips from $130.00 to $136.00 and gave the stock a "hold" rating in a research report on Wednesday, October 7th. Finally, Wall Street Zen raised ConocoPhillips from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.00.

About ConocoPhillips

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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