Sequoia Financial Advisors LLC Boosts Position in ConocoPhillips (NYSE:COP)

Sequoia Financial Advisors LLC raised its holdings in ConocoPhillips (NYSE:COP) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 38,677 shares of the energy producer’s stock after acquiring an additional 831 shares during the period. Sequoia Financial Advisors LLC’s holdings in ConocoPhillips were worth $4,424,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sachetta LLC purchased a new stake in ConocoPhillips in the 4th quarter worth approximately $27,000. Cooksen Wealth LLC bought a new position in shares of ConocoPhillips in the 4th quarter worth $27,000. Cape Investment Advisory Inc. grew its position in shares of ConocoPhillips by 96.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares during the period. Richardson Capital Management LLC bought a new position in shares of ConocoPhillips during the 1st quarter worth approximately $31,000. Finally, Northwest Bank & Trust Co acquired a new position in ConocoPhillips during the fourth quarter worth $32,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company decreased their target price on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. StockNews.com lowered ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays increased their target price on ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Raymond James reiterated a “strong-buy” rating and issued a $159.00 price objective (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Finally, Piper Sandler boosted their price target on ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.53.

ConocoPhillips Stock Down 1.7 %

Shares of ConocoPhillips stock traded down $1.86 on Tuesday, hitting $108.17. 1,632,699 shares of the company traded hands, compared to its average volume of 5,687,565. The company has a market cap of $125.61 billion, a PE ratio of 12.23, a PEG ratio of 2.10 and a beta of 1.24. The company has a 50-day moving average price of $111.73 and a 200 day moving average price of $117.11. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12-month low of $102.27 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. ConocoPhillips’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 EPS. Sell-side analysts predict that ConocoPhillips will post 8.67 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date is Monday, August 12th. ConocoPhillips’s dividend payout ratio is presently 26.27%.

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.