Stegent Equity Advisors Inc. Sells 644 Shares of ConocoPhillips (NYSE:COP)

Stegent Equity Advisors Inc. decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 4.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,559 shares of the energy producer’s stock after selling 644 shares during the period. ConocoPhillips comprises approximately 1.7% of Stegent Equity Advisors Inc.’s holdings, making the stock its 22nd largest position. Stegent Equity Advisors Inc.’s holdings in ConocoPhillips were worth $1,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. International Assets Investment Management LLC raised its stake in shares of ConocoPhillips by 20.7% in the fourth quarter. International Assets Investment Management LLC now owns 9,600 shares of the energy producer’s stock worth $1,114,000 after buying an additional 1,644 shares during the period. Gilbert & Cook Inc. increased its holdings in ConocoPhillips by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 13,438 shares of the energy producer’s stock worth $1,560,000 after acquiring an additional 483 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in ConocoPhillips by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 357,411 shares of the energy producer’s stock worth $41,485,000 after acquiring an additional 6,755 shares during the period. Summit Global Investments lifted its holdings in ConocoPhillips by 38.9% during the fourth quarter. Summit Global Investments now owns 6,295 shares of the energy producer’s stock valued at $731,000 after purchasing an additional 1,763 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of ConocoPhillips by 28.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 24,489 shares of the energy producer’s stock worth $2,842,000 after purchasing an additional 5,422 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 0.5 %

Shares of COP traded down $0.58 during midday trading on Friday, reaching $113.79. 5,559,473 shares of the stock were exchanged, compared to its average volume of 5,694,506. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $111.73 and its two-hundred day moving average is $117.04. The company has a market capitalization of $133.08 billion, a P/E ratio of 12.89, a PEG ratio of 0.85 and a beta of 1.24. ConocoPhillips has a 52 week low of $102.27 and a 52 week 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 the consensus estimate of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the prior year, the business earned $1.84 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. On average, sell-side analysts anticipate that ConocoPhillips will post 8.5 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a yield of 2.04%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

Insider Buying and Selling at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on COP. Royal Bank of Canada lifted their target price on shares of ConocoPhillips from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, May 15th. StockNews.com lowered ConocoPhillips from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Wolfe Research started coverage on ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 target price for the company. Truist Financial lowered their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Mizuho reduced their price objective on shares of ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 5th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.65.

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.