Pekin Hardy Strauss Inc. Lowers Position in ConocoPhillips (NYSE:COP)

Pekin Hardy Strauss Inc. cut its holdings in shares of ConocoPhillips (NYSE:COP) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,091 shares of the energy producer’s stock after selling 250 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in ConocoPhillips were worth $1,383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of COP. Valued Wealth Advisors LLC lifted its stake in ConocoPhillips by 45.8% during the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after acquiring an additional 82 shares in the last quarter. Astoria Portfolio Advisors LLC. lifted its stake in ConocoPhillips by 4.0% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,232 shares of the energy producer’s stock worth $291,000 after acquiring an additional 85 shares in the last quarter. Manchester Capital Management LLC lifted its stake in ConocoPhillips by 22.1% during the 1st quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock worth $60,000 after acquiring an additional 86 shares in the last quarter. Adirondack Trust Co. lifted its stake in ConocoPhillips by 3.1% during the 4th quarter. Adirondack Trust Co. now owns 2,990 shares of the energy producer’s stock worth $336,000 after acquiring an additional 90 shares in the last quarter. Finally, Mayfair Advisory Group LLC lifted its stake in ConocoPhillips by 3.5% during the 1st quarter. Mayfair Advisory Group LLC now owns 2,627 shares of the energy producer’s stock worth $334,000 after acquiring an additional 90 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

COP has been the topic of several research reports. Royal Bank of Canada reissued an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a research note on Friday. Barclays increased their price target on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. UBS Group increased their price target on ConocoPhillips from $151.00 to $153.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Susquehanna dropped their price objective on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average target price of $143.06.

Insider Activity

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is owned by company insiders.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $105.56 on Tuesday. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The stock has a market cap of $122.58 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 0.78 and a beta of 1.22. The stock’s 50 day moving average price is $110.03 and its 200 day moving average price is $116.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share 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 firm had revenue of $14.14 billion for the quarter, compared to analysts’ expectations of $14.96 billion. During the same period in the previous year, the company posted $1.84 EPS. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Equities research analysts anticipate that ConocoPhillips will post 8.41 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.