Gabelli Funds LLC Lowers Stock Holdings in ConocoPhillips (NYSE:COP)

Gabelli Funds LLC lessened its holdings in shares of ConocoPhillips (NYSE:COP) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 517,100 shares of the energy producer’s stock after selling 7,500 shares during the quarter. Gabelli Funds LLC’s holdings in ConocoPhillips were worth $59,146,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Valued Wealth Advisors LLC increased its position in ConocoPhillips by 45.8% in the first quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock worth $33,000 after buying an additional 82 shares during the period. Astoria Portfolio Advisors LLC. increased its holdings in shares of ConocoPhillips by 4.0% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,232 shares of the energy producer’s stock worth $291,000 after acquiring an additional 85 shares during the period. Manchester Capital Management LLC increased its holdings 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 worth $60,000 after acquiring an additional 86 shares during the period. Adirondack Trust Co. lifted its position in ConocoPhillips by 3.1% in the 4th quarter. Adirondack Trust Co. now owns 2,990 shares of the energy producer’s stock valued at $336,000 after purchasing an additional 90 shares during the last quarter. Finally, Mayfair Advisory Group LLC boosted its stake in ConocoPhillips by 3.5% during the 1st quarter. Mayfair Advisory Group LLC now owns 2,627 shares of the energy producer’s stock valued at $334,000 after purchasing an additional 90 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on COP shares. Argus upgraded shares of ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Raymond James reaffirmed a “strong-buy” rating and set a $159.00 target price (up previously from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Barclays boosted their price target on ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Truist Financial lowered their price target on ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, 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 report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.29.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction 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 completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by insiders.

ConocoPhillips Stock Down 0.6 %

COP stock opened at $109.87 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The firm has a market capitalization of $127.59 billion, a P/E ratio of 12.44, a P/E/G ratio of 0.80 and a beta of 1.22. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The company’s 50 day simple moving average is $109.76 and its 200-day simple moving average is $116.57.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping the consensus estimate of $1.96 by $0.02. The business had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. ConocoPhillips’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.84 earnings per share. As a group, equities research analysts anticipate that ConocoPhillips will post 8.41 EPS for the current year.

ConocoPhillips Cuts Dividend

The business 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is 26.27%.

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.