Gradient Investments LLC Decreases Stock Position in ConocoPhillips $COP

Key Points

• Gradient Investments LLC reduced its stake in ConocoPhillips by 13.1% during Q2, leaving it with 241,160 shares valued at approximately $21.64 million.
• ConocoPhillips reported $1.42 earnings per share for the last quarter, exceeding estimates of $1.36, while revenue increased to $14.94 billion.
• The company declared a quarterly dividend of $0.78, resulting in an annual yield of 3.4% and a payout ratio of 41.88%.

Gradient Investments LLC decreased its position in ConocoPhillips (NYSE:COP - Free Report) by 13.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 241,160 shares of the energy producer's stock after selling 36,431 shares during the quarter. Gradient Investments LLC's holdings in ConocoPhillips were worth $21,642,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Wealth Alliance Advisory Group LLC raised its holdings in ConocoPhillips by 30.0% in the second quarter. Wealth Alliance Advisory Group LLC now owns 25,856 shares of the energy producer's stock valued at $2,320,000 after acquiring an additional 5,972 shares in the last quarter. Greenfield Savings Bank raised its holdings in ConocoPhillips by 3.6% during the second quarter. Greenfield Savings Bank now owns 8,910 shares of the energy producer's stock worth $800,000 after purchasing an additional 310 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in ConocoPhillips by 26.7% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 7,954 shares of the energy producer's stock worth $714,000 after purchasing an additional 1,675 shares in the last quarter. TruWealth Advisors LLC raised its holdings in ConocoPhillips by 8.9% during the second quarter. TruWealth Advisors LLC now owns 2,430 shares of the energy producer's stock worth $218,000 after purchasing an additional 199 shares in the last quarter. Finally, Norway Savings Bank raised its holdings in ConocoPhillips by 1.8% during the second quarter. Norway Savings Bank now owns 19,446 shares of the energy producer's stock worth $1,745,000 after purchasing an additional 343 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Price Performance

Shares of NYSE COP traded down $1.96 during trading on Friday, hitting $91.52. 3,102,960 shares of the company were exchanged, compared to its average volume of 7,871,164. The company has a market cap of $114.31 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.47 and a beta of 0.69. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08. The firm's fifty day moving average price is $94.66 and its 200 day moving average price is $92.90. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

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 (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.98 EPS. On average, sell-side analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

Analyst Ratings Changes

COP has been the topic of a number of recent research reports. Melius initiated coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Piper Sandler lifted their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Bank of America cut their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Citigroup cut their target price on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Finally, Melius Research began coverage on shares of ConocoPhillips in a research report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price objective on the stock. Sixteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.62.

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.