Secure Asset Management LLC Sells 7,071 Shares of ConocoPhillips $COP

Key Points

• Secure Asset Management LLC reduced its holdings in ConocoPhillips by 31.8% during the 2nd quarter, selling 7,071 shares and holding a total of 15,132 shares worth approximately $1.36 million.
• ConocoPhillips reported a quarterly earnings per share of $1.42, exceeding analysts' estimates, with revenues of $14.94 billion, marking a 4.3% year-over-year increase.
• The company declared a quarterly dividend of $0.78 per share, with a yield of 3.3%, and a dividend payout ratio of about 41.88%.

Secure Asset Management LLC lowered its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 31.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,132 shares of the energy producer's stock after selling 7,071 shares during the quarter. Secure Asset Management LLC's holdings in ConocoPhillips were worth $1,358,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in COP. Elevation Point Wealth Partners LLC lifted its position in ConocoPhillips by 83.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after acquiring an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. raised its holdings in shares of ConocoPhillips by 159.6% during 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 during the last quarter. Aberdeen Group plc grew its position in 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 buying an additional 264,726 shares during the period. ORG Wealth Partners LLC grew its position in ConocoPhillips by 853.3% during the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after buying an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. boosted its position in shares of ConocoPhillips by 151.1% during the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after acquiring an additional 54,900 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of ConocoPhillips from a "sell" rating to a "hold" rating in a research report on Saturday. Scotiabank raised their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Morgan Stanley reissued an "overweight" rating and set a $123.00 target price (up previously from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Mizuho lowered their target price on shares of ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, BMO Capital Markets lifted their price objective on shares of ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips Stock Up 0.2%

NYSE COP traded up $0.18 on Monday, reaching $92.10. The company had a trading volume of 1,651,102 shares, compared to its average volume of 7,905,031. The firm has a market capitalization of $115.03 billion, a PE ratio of 12.36, a P/E/G ratio of 2.42 and a beta of 0.69. 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 has a 50-day moving average of $94.59 and a 200-day moving average of $92.97. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results 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 return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period in the prior year, the company posted $1.98 EPS. The business's revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given 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 3.4%. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

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.