B. Riley Wealth Advisors Inc. Reduces Position in ConocoPhillips (NYSE:COP)

B. Riley Wealth Advisors Inc. reduced its stake in ConocoPhillips (NYSE:COP) by 1.4% during the 3rd quarter, Holdings Channel reports. The fund owned 38,280 shares of the energy producer’s stock after selling 554 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in ConocoPhillips were worth $4,176,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vicus Capital increased its position in ConocoPhillips by 3.7% during the 2nd quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock worth $302,000 after purchasing an additional 94 shares in the last quarter. Montag A & Associates Inc. grew its holdings in shares of ConocoPhillips by 2.5% during the second quarter. Montag A & Associates Inc. now owns 3,900 shares of the energy producer’s stock worth $446,000 after buying an additional 96 shares in the last quarter. Excalibur Management Corp raised its position in shares of ConocoPhillips by 2.4% in the second quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock valued at $462,000 after buying an additional 96 shares during the last quarter. Cypress Capital Group lifted its stake in shares of ConocoPhillips by 0.5% during the third quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock valued at $1,978,000 after buying an additional 96 shares during the period. Finally, Bank OZK lifted its stake in shares of ConocoPhillips by 1.6% during the second quarter. Bank OZK now owns 6,251 shares of the energy producer’s stock valued at $715,000 after buying an additional 97 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

COP has been the subject of several recent analyst reports. Truist Financial lowered their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Susquehanna increased their target price on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Scotiabank decreased their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.18.

ConocoPhillips Price Performance

COP opened at $101.02 on Friday. ConocoPhillips has a 52-week low of $100.58 and a 52-week high of $135.18. The company has a 50 day moving average of $107.76 and a two-hundred day moving average of $109.68. The company has a market cap of $116.27 billion, a P/E ratio of 12.01, a P/E/G ratio of 0.84 and a beta of 1.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The firm had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same period in the prior year, the company earned $2.16 EPS. The firm’s revenue was down 8.5% on a year-over-year basis. On average, analysts expect that ConocoPhillips will post 7.77 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were paid a $0.78 dividend. The ex-dividend date was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.09%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

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.