Torch Wealth Management LLC decreased its holdings in ConocoPhillips (NYSE:COP) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,345 shares of the energy producer’s stock after selling 1,515 shares during the quarter. Torch Wealth Management LLC’s holdings in ConocoPhillips were worth $1,607,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Manchester Financial Inc. bought a new position in ConocoPhillips in the 2nd quarter valued at $34,000. Destination Wealth Management raised its position in shares of ConocoPhillips by 592.6% during the first quarter. Destination Wealth Management now owns 561 shares of the energy producer’s stock worth $37,000 after acquiring an additional 480 shares during the last quarter. Glassman Wealth Services raised its position in shares of ConocoPhillips by 779.2% during the first quarter. Glassman Wealth Services now owns 633 shares of the energy producer’s stock worth $42,000 after acquiring an additional 561 shares during the last quarter. Lipe & Dalton bought a new stake in shares of ConocoPhillips during the second quarter worth $53,000. Finally, Horan Capital Advisors LLC. bought a new stake in shares of ConocoPhillips during the first quarter worth $65,000. Hedge funds and other institutional investors own 73.64% of the company’s stock.
Shares of ConocoPhillips stock traded down $0.87 during trading on Thursday, reaching $50.91. 353,349 shares of the company were exchanged, compared to its average volume of 6,232,874. The company has a quick ratio of 1.64, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. ConocoPhillips has a twelve month low of $51.51 and a twelve month high of $80.24. The business’s 50-day simple moving average is $58.80. The stock has a market cap of $58.97 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 1.38 and a beta of 0.99.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, July 22nd will be paid a dividend of $0.305 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $1.22 dividend on an annualized basis and a dividend yield of 2.40%. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.93%.
A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on ConocoPhillips from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Morgan Stanley dropped their target price on ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Credit Suisse Group downgraded ConocoPhillips from an “outperform” rating to a “neutral” rating and set a $64.00 target price for the company. in a research report on Wednesday, May 1st. Zacks Investment Research upgraded ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 target price for the company in a research report on Thursday, July 11th. Finally, ValuEngine upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Thursday, June 27th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $77.07.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its 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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