Prime Capital Investment Advisors LLC Cuts Stake in ConocoPhillips $COP

Prime Capital Investment Advisors LLC reduced its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 32.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,629 shares of the energy producer's stock after selling 14,461 shares during the quarter. Prime Capital Investment Advisors LLC's holdings in ConocoPhillips were worth $2,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elevation Point Wealth Partners LLC grew its holdings in shares of ConocoPhillips by 83.0% in 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 purchasing an additional 8,189 shares in the last quarter. Schwartz Investment Counsel Inc. grew its holdings in shares of ConocoPhillips by 159.6% in the first 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 in the last quarter. Aberdeen Group plc grew its holdings in shares of ConocoPhillips by 49.3% in 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 holdings in shares of ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after purchasing an additional 5,922 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its holdings in shares of ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock valued at $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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BMO Capital Markets raised their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Wells Fargo & Company restated an "overweight" rating and issued a $117.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. UBS Group raised their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Melius Research began coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price for the company. Finally, Piper Sandler raised their target price on shares of ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $117.23.

ConocoPhillips Trading Up 0.3%

Shares of COP opened at $95.18 on Wednesday. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $115.38. The company has a 50-day moving average of $94.83 and a 200 day moving average of $92.75. The firm has a market capitalization of $118.87 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 2.51 and a beta of 0.62. 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 announced its quarterly earnings data 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. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The company had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter last year, the business posted $1.98 EPS. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors 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 yield of 3.3%. ConocoPhillips's dividend payout ratio (DPR) is presently 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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