Forum Financial Management LP Trims Stake in ConocoPhillips $COP

Forum Financial Management LP reduced its stake in ConocoPhillips (NYSE:COP) by 74.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 5,873 shares of the energy producer’s stock after selling 17,503 shares during the period. Forum Financial Management LP’s holdings in ConocoPhillips were worth $775,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of ConocoPhillips during the 4th quarter worth approximately $25,000. KERR FINANCIAL PLANNING Corp bought a new position in shares of ConocoPhillips in the 3rd quarter worth approximately $28,000. Board of the Pension Protection Fund purchased a new position in shares of ConocoPhillips in the 4th quarter valued at approximately $28,000. Strive Asset Management LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at approximately $28,000. Finally, BNP Paribas bought a new stake in shares of ConocoPhillips during the second quarter valued at approximately $33,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 0.4%

NYSE:COP opened at $103.76 on Wednesday. The firm has a market cap of $126.41 billion, a P/E ratio of 17.62, a P/E/G ratio of 1.20 and a beta of 0.11. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The firm has a 50-day simple moving average of $116.70 and a two-hundred day simple moving average of $112.07.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. The business had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.09 earnings per share. Analysts predict that ConocoPhillips will post 9.66 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s payout ratio is presently 57.05%.

Wall Street Analyst Weigh In

COP has been the topic of several recent research reports. Sanford C. Bernstein upped their price target on ConocoPhillips from $98.00 to $121.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Mizuho raised their price objective on ConocoPhillips from $136.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Susquehanna boosted their target price on shares of ConocoPhillips from $149.00 to $152.00 in a report on Friday, May 1st. Scotiabank upped their target price on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Piper Sandler increased their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $134.76.

ConocoPhillips Profile

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.