Heritage Wealth Management Inc. Decreases Position in ConocoPhillips (NYSE:COP)

Heritage Wealth Management Inc. cut its holdings in ConocoPhillips (NYSE:COP) by 9.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,021 shares of the energy producer’s stock after selling 1,112 shares during the period. Heritage Wealth Management Inc.’s holdings in ConocoPhillips were worth $1,160,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in COP. Manchester Capital Management LLC lifted its stake in shares of ConocoPhillips by 22.1% in the 1st quarter. Manchester Capital Management LLC now owns 475 shares of the energy producer’s stock valued at $60,000 after acquiring an additional 86 shares during the last quarter. Vicus Capital lifted its position in ConocoPhillips by 3.7% in the second quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock valued at $302,000 after purchasing an additional 94 shares during the last quarter. Montag A & Associates Inc. boosted its stake 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 valued at $446,000 after purchasing an additional 96 shares during the period. Excalibur Management Corp grew its holdings 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 worth $462,000 after purchasing an additional 96 shares during the last quarter. Finally, First Hawaiian Bank increased its stake in shares of ConocoPhillips by 0.3% in the second quarter. First Hawaiian Bank now owns 36,739 shares of the energy producer’s stock worth $4,202,000 after buying an additional 97 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 0.4 %

Shares of COP traded down $0.45 during mid-day trading on Friday, reaching $111.17. The company had a trading volume of 392,183 shares, compared to its average volume of 5,886,193. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The company has a market capitalization of $127.95 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 0.89 and a beta of 1.21. The firm has a 50-day moving average price of $107.81 and a 200 day moving average price of $112.53.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. During the same period in the previous year, the company posted $2.16 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, sell-side analysts forecast that ConocoPhillips will post 7.79 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Insiders Place Their Bets

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 transaction of $6,000,105.00. Following the sale, the director now 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 filing with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

COP has been the subject of several analyst reports. Truist Financial dropped their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Susquehanna increased their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a report on Friday, November 1st. StockNews.com downgraded ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. BMO Capital Markets upped their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Scotiabank cut their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $137.47.

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.