Wedgewood Investors Inc. PA Purchases Shares of 6,476 ConocoPhillips (NYSE:COP)

Wedgewood Investors Inc. PA purchased a new stake in ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,476 shares of the energy producer’s stock, valued at approximately $741,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Valued Wealth Advisors LLC raised its stake in ConocoPhillips by 45.8% in the first quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock valued at $33,000 after buying an additional 82 shares in the last quarter. Astoria Portfolio Advisors LLC. increased its position in shares of ConocoPhillips by 4.0% during the first quarter. Astoria Portfolio Advisors LLC. now owns 2,232 shares of the energy producer’s stock worth $291,000 after purchasing an additional 85 shares in the last quarter. Manchester Capital Management LLC increased its position in shares of ConocoPhillips by 22.1% during the first quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock worth $60,000 after purchasing an additional 86 shares in the last quarter. Adirondack Trust Co. increased its position in shares of ConocoPhillips by 3.1% during the fourth quarter. Adirondack Trust Co. now owns 2,990 shares of the energy producer’s stock worth $336,000 after purchasing an additional 90 shares in the last quarter. Finally, Mayfair Advisory Group LLC increased its position in shares of ConocoPhillips by 3.5% during the first quarter. Mayfair Advisory Group LLC now owns 2,627 shares of the energy producer’s stock worth $334,000 after purchasing an additional 90 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on COP. Barclays lifted 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. Royal Bank of Canada lifted their target price on ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 15th. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank dropped their price target on ConocoPhillips from $135.00 to $120.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Finally, Truist Financial dropped their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.65.

ConocoPhillips Stock Performance

COP traded up $1.43 during trading on Friday, reaching $111.40. The company’s stock had a trading volume of 4,024,190 shares, compared to its average volume of 5,675,574. ConocoPhillips has a 52-week low of $102.27 and a 52-week high of $135.18. The company’s fifty day moving average price is $111.42 and its 200-day moving average price is $117.01. The company has a market capitalization of $130.29 billion, a price-to-earnings ratio of 12.62, a price-to-earnings-growth ratio of 2.22 and a beta of 1.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The company had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter in the previous year, the company earned $1.84 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that ConocoPhillips will post 8.64 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Monday, August 12th. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Transactions at ConocoPhillips

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

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.