Wedmont Private Capital Grows Stock Holdings in ConocoPhillips $COP

Key Points

• Wedmont Private Capital increased its ConocoPhillips stake by 144.3% in the third quarter, owning 47,652 shares valued at approximately $5.96 million. Institutional investors collectively hold 82.36% of the company’s stock.
• ConocoPhillips reported quarterly earnings of $3.24 per share, beating estimates of $2.90, while revenue rose 32.4% year over year to $19.52 billion. The company also pays a quarterly dividend of $0.84 per share, yielding about 2.5% annually.
• Analyst sentiment remains favorable, with the stock holding a consensus “Moderate Buy” rating and an average price target of $143.29. Shares recently traded at $134.55, up 0.3%.

Wedmont Private Capital boosted its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 144.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 47,652 shares of the energy producer's stock after purchasing an additional 28,144 shares during the period. Wedmont Private Capital's holdings in ConocoPhillips were worth $5,964,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in COP. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in ConocoPhillips in the 4th quarter worth approximately $25,000. Frazier Financial Advisors LLC boosted its stake in ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after buying an additional 145 shares during the last quarter. Allied Private Wealth LLC bought a new stake in ConocoPhillips in the 2nd quarter worth approximately $32,000. Evergreen Advisors LLC purchased a new position in shares of ConocoPhillips in the first quarter valued at $36,000. Finally, Ballast Advisors LLC bought a new stake in ConocoPhillips in the first quarter worth $36,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 0.3%

Shares of ConocoPhillips stock traded up $0.36 during trading on Friday, hitting $134.55. The stock had a trading volume of 1,791,726 shares, compared to its average volume of 8,101,841. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $141.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The firm's fifty day simple moving average is $129.39 and its 200-day simple moving average is $121.96. The stock has a market cap of $161.64 billion, a PE ratio of 17.80, a PEG ratio of 1.35 and a beta of 0.24.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same period in the prior year, the firm posted $1.42 EPS. The firm's revenue was up 32.4% compared to the same quarter last year. As a group, sell-side analysts expect that ConocoPhillips will post 10.68 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. ConocoPhillips's dividend payout ratio is currently 44.44%.

Insider Buying and Selling at ConocoPhillips

In related news, SVP Andrew Lundquist sold 9,487 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the sale, the senior vice president directly owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company's stock.

Analyst Ratings Changes

COP has been the topic of a number of research reports. Zacks Research upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Argus increased their price target on shares of ConocoPhillips from $136.00 to $153.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Roth Capital raised ConocoPhillips from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $124.00 to $130.00 in a research note on Monday, June 22nd. Weiss Ratings upgraded ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 29th. Finally, Mizuho lowered their price objective on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $143.29.

About ConocoPhillips

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing crude oil, natural gas, natural gas liquids and liquefied natural gas. Unlike integrated energy companies, ConocoPhillips focuses primarily on upstream activities rather than refining and retail fuel operations.

The company has a diversified portfolio of assets in major producing regions, including the United States, Canada, Australia, Norway and Qatar. Its U.S. operations include oil and gas developments in Alaska and the Lower 48 states, while its international portfolio includes conventional and offshore projects.

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