Lionsbridge Wealth Management LLC Sells 2,974 Shares of ConocoPhillips $COP

Key Points

• Lionsbridge Wealth Management LLC decreased its holdings in ConocoPhillips (COP) by 15.2%, selling 2,974 shares and now holding a total of 16,535 shares, valued at approximately $1.7 million.
• Wall Street analysts are optimistic about ConocoPhillips, with 16 analysts rating it as a Buy and four as Hold, along with an average price target of $120.95.
• ConocoPhillips has declared a quarterly dividend of $0.78 per share, yielding 3.3%, with the payment date set for September 2nd.

Lionsbridge Wealth Management LLC trimmed its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 15.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,535 shares of the energy producer's stock after selling 2,974 shares during the quarter. ConocoPhillips accounts for about 1.5% of Lionsbridge Wealth Management LLC's portfolio, making the stock its 23rd largest position. Lionsbridge Wealth Management LLC's holdings in ConocoPhillips were worth $1,737,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Second Line Capital LLC raised its stake in ConocoPhillips by 2.2% in the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock valued at $495,000 after purchasing an additional 108 shares in the last quarter. Meiji Yasuda Life Insurance Co raised its stake in ConocoPhillips by 1.6% in the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer's stock valued at $703,000 after purchasing an additional 110 shares in the last quarter. LRI Investments LLC raised its stake in ConocoPhillips by 3.6% in the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer's stock valued at $316,000 after purchasing an additional 110 shares in the last quarter. KLCM Advisors Inc. raised its stake in ConocoPhillips by 2.6% in the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer's stock valued at $473,000 after purchasing an additional 115 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators raised its stake in ConocoPhillips by 3.9% in the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer's stock valued at $334,000 after purchasing an additional 118 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on COP shares. Scotiabank raised their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Raymond James Financial raised their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Melius Research initiated coverage on shares of ConocoPhillips in a research note on Wednesday. They issued a "hold" rating and a $117.00 target price on the stock. Piper Sandler increased their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Melius initiated coverage on shares of ConocoPhillips in a research report on Wednesday. They set a "hold" rating and a $117.00 price target on the stock. Sixteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $120.95.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Stock Up 1.2%

Shares of NYSE COP opened at $94.8410 on Thursday. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. 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 firm's 50 day simple moving average is $93.81 and its two-hundred day simple moving average is $93.33. The stock has a market capitalization of $118.45 billion, a P/E ratio of 12.73, a PEG ratio of 2.46 and a beta of 0.67.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its 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. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter last year, the business earned $1.98 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

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

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.

Want to see what other hedge funds are holding COP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConocoPhillips (NYSE:COP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.