Spirit of America Management Corp NY Trims Stock Position in ConocoPhillips (NYSE:COP)

Spirit of America Management Corp NY cut its stake in ConocoPhillips (NYSE:COP) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,600 shares of the energy producer’s stock after selling 400 shares during the period. Spirit of America Management Corp NY’s holdings in ConocoPhillips were worth $2,906,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. First Trust Direct Indexing L.P. raised its holdings in shares of ConocoPhillips by 5.6% in the first quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock valued at $3,320,000 after buying an additional 1,390 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of ConocoPhillips in the second quarter valued at about $30,021,000. EP Wealth Advisors LLC raised its holdings in shares of ConocoPhillips by 19.1% in the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after buying an additional 4,578 shares during the last quarter. Norden Group LLC raised its holdings in shares of ConocoPhillips by 2,634.9% in the first quarter. Norden Group LLC now owns 124,440 shares of the energy producer’s stock valued at $15,838,000 after buying an additional 119,890 shares during the last quarter. Finally, Alpha DNA Investment Management LLC raised its holdings in shares of ConocoPhillips by 83.8% in the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock valued at $1,879,000 after buying an additional 7,490 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 0.1 %

Shares of COP opened at $104.36 on Friday. 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 firm’s 50-day moving average is $108.74 and its two-hundred day moving average is $114.21. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The firm has a market capitalization of $121.19 billion, a P/E ratio of 11.63, a PEG ratio of 0.84 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.84 earnings per share. On average, research analysts predict that ConocoPhillips will post 7.95 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a $0.58 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $2.32 annualized dividend and a dividend yield of 2.22%. ConocoPhillips’s dividend payout ratio is presently 25.86%.

Wall Street Analyst Weigh In

COP has been the subject of a number of research reports. Barclays reduced their target price on shares of ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a research note on Friday, September 13th. BMO Capital Markets boosted their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Susquehanna dropped their price target on shares of ConocoPhillips from $147.00 to $144.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.94.

Insider Activity

In other news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.34% of the company’s stock.

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.