Abich Financial Wealth Management LLC Boosts Position in ConocoPhillips (NYSE:COP)

Abich Financial Wealth Management LLC raised its stake in ConocoPhillips (NYSE:COP) by 35.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,947 shares of the energy producer’s stock after buying an additional 514 shares during the period. Abich Financial Wealth Management LLC’s holdings in ConocoPhillips were worth $223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Cooksen Wealth LLC bought a new position in ConocoPhillips during the 4th quarter worth about $27,000. Richardson Capital Management LLC purchased a new position in ConocoPhillips during the first quarter valued at approximately $31,000. Cape Investment Advisory Inc. increased its holdings in ConocoPhillips by 96.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after buying an additional 121 shares during the period. Ruedi Wealth Management Inc. raised its stake in ConocoPhillips by 150.0% in the first quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock worth $32,000 after buying an additional 150 shares in the last quarter. Finally, Stephens Consulting LLC lifted its holdings in ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after buying an additional 104 shares during the period. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Down 0.7 %

Shares of COP stock opened at $108.95 on Wednesday. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The firm has a market capitalization of $126.52 billion, a PE ratio of 12.34, a P/E/G ratio of 0.86 and a beta of 1.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The stock’s 50-day simple moving average is $109.54 and its 200-day simple moving average is $116.55.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS 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 firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. During the same quarter in the prior year, the firm earned $1.84 earnings per share. ConocoPhillips’s revenue for the quarter was up 9.7% on a year-over-year basis. Equities analysts expect that ConocoPhillips will post 8.14 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.13%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Activity

In related news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated 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 directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Argus raised ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Wolfe Research began coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. Truist Financial cut their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company reduced their price objective on shares of ConocoPhillips from $151.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $142.29.

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.