ConocoPhillips $COP Position Trimmed by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC reduced its stake in ConocoPhillips significantly by 48.7%, now holding 6,059 shares worth $544,000, as per the latest SEC filing.
• Several hedge funds increased their positions in ConocoPhillips, with Financial Network Wealth Advisors LLC raising its stake by 341.5% in Q1, demonstrating strong institutional interest in the company.
• ConocoPhillips recently declared a quarterly dividend of $0.78 per share, translating to an annualized dividend yield of 3.4%, with a payout ratio of around 41.88%.

Belpointe Asset Management LLC trimmed its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 48.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,059 shares of the energy producer's stock after selling 5,741 shares during the period. Belpointe Asset Management LLC's holdings in ConocoPhillips were worth $544,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in COP. Financial Network Wealth Advisors LLC lifted its position in shares of ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $31,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $35,000. IMA Advisory Services Inc. purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $37,000. Finally, Clal Insurance Enterprises Holdings Ltd lifted its position in shares of ConocoPhillips by 418.6% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock valued at $38,000 after acquiring an additional 293 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on COP. Melius assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price target for the company. Morgan Stanley reiterated an "overweight" rating and issued a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Roth Capital reiterated a "buy" rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. UBS Group increased their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Melius Research assumed coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $117.23.

ConocoPhillips Stock Down 1.9%

ConocoPhillips stock opened at $91.94 on Friday. The company has a market capitalization of $114.83 billion, a P/E ratio of 12.34, a P/E/G ratio of 2.49 and a beta of 0.62. The firm's fifty day simple moving average is $94.70 and its 200-day simple moving average is $92.69. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $115.38.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.98 EPS. Sell-side analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.4%. ConocoPhillips's dividend payout ratio (DPR) is currently 41.88%.

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.

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