ConocoPhillips $COP Stock Holdings Trimmed by Ballentine Partners LLC

Key Points

• Ballentine Partners LLC reduced its holdings in ConocoPhillips by 45.8%, ending the second quarter with 10,369 shares worth approximately $930,000.
• ConocoPhillips reported a quarterly earnings per share of $1.42, surpassing the consensus estimate of $1.36, and had a revenue of $14.94 billion during the quarter.
• The company announced a quarterly dividend of $0.78 per share, which provides an annualized dividend yield of 3.2% for its shareholders.

Ballentine Partners LLC lessened its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 45.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,369 shares of the energy producer's stock after selling 8,749 shares during the period. Ballentine Partners LLC's holdings in ConocoPhillips were worth $930,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Wood Tarver Financial Group LLC acquired a new position in ConocoPhillips in the fourth quarter worth $66,000. Centaurus Financial Inc. lifted its position in shares of ConocoPhillips by 58.7% in the 4th quarter. Centaurus Financial Inc. now owns 6,062 shares of the energy producer's stock worth $601,000 after buying an additional 2,242 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its holdings in shares of ConocoPhillips by 8.5% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 52,351 shares of the energy producer's stock valued at $5,192,000 after buying an additional 4,102 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of ConocoPhillips by 40.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 234,870 shares of the energy producer's stock valued at $23,292,000 after buying an additional 67,989 shares during the last quarter. Finally, Mascagni Wealth Management Inc. acquired a new stake in ConocoPhillips during the fourth quarter worth about $121,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Up 1.1%

COP stock opened at $96.72 on Friday. The firm's 50-day moving average is $94.72 and its two-hundred day moving average is $93.03. The company has a market capitalization of $120.80 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 2.52 and a beta of 0.69. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. 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 (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same period last year, the firm posted $1.98 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. On average, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's payout ratio is currently 41.88%.

Wall Street Analyst Weigh In

COP has been the subject of a number of research reports. BMO Capital Markets lifted their target price on ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday. Citigroup lowered their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, June 11th. Raymond James Financial dropped their price objective on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating on the stock in a report on Monday, September 8th. Royal Bank Of Canada reduced their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research note on Friday, July 11th. Finally, Piper Sandler upped their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $120.14.

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.

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