Jones Financial Companies Lllp Trims Position in ConocoPhillips $COP

Key Points

• Jones Financial Companies Lllp has significantly reduced its stake in ConocoPhillips by 71.0%, now holding 29,765 shares, valued at approximately $3.12 million.
• Several hedge funds, including Elevation Point Wealth Partners LLC and Schwartz Investment Counsel Inc., have increased their investments in ConocoPhillips, with increases of 83.0% and 159.6% respectively.
• ConocoPhillips reported a second-quarter EPS of $1.42, exceeding estimates, and declared a quarterly dividend of $0.78, reflecting an annualized yield of 3.3%.

Jones Financial Companies Lllp decreased its holdings in ConocoPhillips (NYSE:COP - Free Report) by 71.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,765 shares of the energy producer's stock after selling 72,699 shares during the quarter. Jones Financial Companies Lllp's holdings in ConocoPhillips were worth $3,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC increased its position in shares of ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after buying an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in shares of ConocoPhillips by 159.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock valued at $5,125,000 after purchasing an additional 30,000 shares during the period. Aberdeen Group plc boosted its position in shares of ConocoPhillips by 49.3% during the first quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock valued at $83,969,000 after purchasing an additional 264,726 shares in the last quarter. ORG Wealth Partners LLC grew its stake in ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after purchasing an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. raised its holdings in ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after purchasing an additional 54,900 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Up 2.5%

COP stock opened at $94.20 on Thursday. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $116.08. The business has a fifty day moving average price of $94.78 and a 200-day moving average price of $93.04. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a market capitalization of $117.65 billion, a P/E ratio of 12.64, a P/E/G ratio of 2.42 and a beta of 0.69.

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

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. ConocoPhillips's payout ratio is currently 41.88%.

Insider Buying and Selling at ConocoPhillips

In related news, EVP Kirk L. Johnson acquired 5,300 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president directly owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.24% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

COP has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $117.00 target price (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Melius started coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price for the company. Citigroup reduced their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Piper Sandler boosted their target price on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Bank of America cut their target price on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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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