Foundation Resource Management Inc. Trims Stake in ConocoPhillips (NYSE:COP)

Foundation Resource Management Inc. decreased its position in shares of ConocoPhillips (NYSE:COPGet Rating) by 1.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 311,294 shares of the energy producer’s stock after selling 4,718 shares during the period. ConocoPhillips makes up about 5.0% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 8th largest position. Foundation Resource Management Inc.’s holdings in ConocoPhillips were worth $27,957,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Arkadios Wealth Advisors increased its position in ConocoPhillips by 46.5% during the first quarter. Arkadios Wealth Advisors now owns 5,224 shares of the energy producer’s stock valued at $522,000 after acquiring an additional 1,657 shares during the last quarter. Great Valley Advisor Group Inc. lifted its stake in ConocoPhillips by 76.7% in the first quarter. Great Valley Advisor Group Inc. now owns 27,710 shares of the energy producer’s stock worth $2,328,000 after acquiring an additional 12,028 shares during the period. Cetera Advisors LLC lifted its stake in ConocoPhillips by 63.9% in the first quarter. Cetera Advisors LLC now owns 42,067 shares of the energy producer’s stock worth $4,207,000 after acquiring an additional 16,396 shares during the period. First Republic Investment Management Inc. lifted its stake in ConocoPhillips by 9.5% in the first quarter. First Republic Investment Management Inc. now owns 697,281 shares of the energy producer’s stock worth $69,728,000 after acquiring an additional 60,715 shares during the period. Finally, AE Wealth Management LLC lifted its position in shares of ConocoPhillips by 6.8% during the first quarter. AE Wealth Management LLC now owns 60,699 shares of the energy producer’s stock valued at $6,070,000 after buying an additional 3,856 shares during the last quarter. Institutional investors own 79.66% of the company’s stock.

Insider Activity

In other ConocoPhillips news, EVP Nicholas G. Olds sold 10,950 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $116.52, for a total value of $1,275,894.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

COP has been the subject of several analyst reports. Mizuho decreased their price target on shares of ConocoPhillips from $148.00 to $138.00 and set a “buy” rating for the company in a research report on Thursday, August 18th. Piper Sandler upped their price objective on shares of ConocoPhillips from $123.00 to $134.00 and gave the company an “overweight” rating in a report on Monday, September 12th. Societe Generale upped their price objective on shares of ConocoPhillips to $127.00 in a report on Thursday, June 9th. The Goldman Sachs Group cut their price objective on shares of ConocoPhillips from $140.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, June 22nd. Finally, MKM Partners upped their price objective on shares of ConocoPhillips from $110.00 to $118.00 and gave the company a “buy” rating in a report on Friday, August 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.79.

ConocoPhillips Price Performance

Shares of NYSE:COP traded down $8.14 during midday trading on Friday, reaching $101.92. 268,724 shares of the company’s stock traded hands, compared to its average volume of 6,914,243. ConocoPhillips has a 1 year low of $62.25 and a 1 year high of $124.08. The company has a market cap of $131.83 billion, a P/E ratio of 8.46, a PEG ratio of 0.39 and a beta of 1.31. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.44 and a current ratio of 1.54. The company has a fifty day simple moving average of $102.42 and a two-hundred day simple moving average of $101.24.

ConocoPhillips (NYSE:COPGet Rating) last announced its earnings results on Thursday, August 4th. The energy producer reported $3.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.95 by ($0.04). ConocoPhillips had a net margin of 23.10% and a return on equity of 31.24%. During the same period in the previous year, the business posted $1.27 EPS. Equities analysts predict that ConocoPhillips will post 14.54 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently announced a None dividend, which was paid on Thursday, September 1st. Stockholders of record on Tuesday, August 16th were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Thursday, September 29th. ConocoPhillips’s dividend payout ratio (DPR) is 15.19%.

About ConocoPhillips

(Get Rating)

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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