NewEdge Wealth LLC Decreases Position in ConocoPhillips $COP

NewEdge Wealth LLC trimmed its holdings in ConocoPhillips (NYSE:COP) by 20.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,342 shares of the energy producer’s stock after selling 6,150 shares during the quarter. NewEdge Wealth LLC’s holdings in ConocoPhillips were worth $3,081,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital International Investors raised its holdings in ConocoPhillips by 5.9% during the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after purchasing an additional 2,714,663 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of ConocoPhillips by 229.2% in the 4th quarter. AQR Capital Management LLC now owns 3,595,177 shares of the energy producer’s stock valued at $336,544,000 after buying an additional 2,503,156 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ConocoPhillips by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock valued at $3,880,151,000 after buying an additional 2,350,645 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at $135,265,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of ConocoPhillips in the 4th quarter valued at $128,470,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock opened at $120.30 on Friday. The firm’s fifty day simple moving average is $113.50 and its 200-day simple moving average is $114.23. The stock has a market capitalization of $146.56 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.45 and a beta of 0.12. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.87. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating the consensus estimate of $1.72 by $0.17. The firm had revenue of $15.76 billion during the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. ConocoPhillips’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.09 EPS. As a group, equities analysts forecast that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. ConocoPhillips’s payout ratio is currently 57.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Mizuho reduced their price target on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, July 7th. Jefferies Financial Group raised their price objective on ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Freedom Capital lowered ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Raymond James Financial cut their target price on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a research report on Monday, June 1st. Finally, UBS Group reduced their target price on ConocoPhillips from $155.00 to $143.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Eighteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $134.16.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.