Baker Tilly Wealth Management LLC Reduces Position in ConocoPhillips (NYSE:COP)

Baker Tilly Wealth Management LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 29.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,241 shares of the energy producer’s stock after selling 1,343 shares during the period. Baker Tilly Wealth Management LLC’s holdings in ConocoPhillips were worth $341,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of COP. Values First Advisors Inc. purchased a new position in shares of ConocoPhillips during the third quarter valued at approximately $26,000. Stephens Consulting LLC lifted its holdings in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after buying an additional 104 shares during the period. Ruedi Wealth Management Inc. boosted its stake in shares of ConocoPhillips by 150.0% in the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after buying an additional 150 shares during the last quarter. Y.D. More Investments Ltd bought a new stake in shares of ConocoPhillips in the second quarter worth $35,000. Finally, Fairway Wealth LLC increased its position in ConocoPhillips by 95.6% during the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on COP. Truist Financial cut their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. UBS Group reduced their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Sanford C. Bernstein decreased their price target on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Mizuho cut their price objective on shares of ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, Scotiabank decreased their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus price target of $136.94.

Insiders Place Their Bets

In related news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Down 1.2 %

COP opened at $103.26 on Tuesday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The firm has a 50-day simple moving average of $108.30 and a two-hundred day simple moving average of $113.48. The company has a market capitalization of $119.91 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.85 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 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. During the same quarter last year, the business posted $1.84 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts forecast that ConocoPhillips will post 7.85 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.25%. ConocoPhillips’s dividend payout ratio (DPR) is currently 25.86%.

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.