Edgestream Partners L.P. Sells 24,064 Shares of ConocoPhillips $COP

Edgestream Partners L.P. decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 76.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,388 shares of the energy producer’s stock after selling 24,064 shares during the quarter. Edgestream Partners L.P.’s holdings in ConocoPhillips were worth $663,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in COP. Navalign LLC increased its position in ConocoPhillips by 1.1% during the 2nd quarter. Navalign LLC now owns 9,918 shares of the energy producer’s stock worth $890,000 after purchasing an additional 108 shares in the last quarter. Tritonpoint Wealth LLC grew its stake in shares of ConocoPhillips by 1.3% during the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after buying an additional 110 shares during the last quarter. Iowa State Bank grew its stake in shares of ConocoPhillips by 0.5% during the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after buying an additional 110 shares during the last quarter. Perennial Investment Advisors LLC increased its holdings in shares of ConocoPhillips by 2.8% during the second quarter. Perennial Investment Advisors LLC now owns 4,097 shares of the energy producer’s stock worth $368,000 after buying an additional 112 shares in the last quarter. Finally, First National Bank Sioux Falls lifted its stake in shares of ConocoPhillips by 4.6% in the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock valued at $231,000 after acquiring an additional 113 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ConocoPhillips news, Director William H. Mcraven acquired 5,768 shares of the stock in a transaction dated Monday, November 10th. The stock was purchased at an average cost of $86.68 per share, with a total value of $499,970.24. Following the transaction, the director owned 5,768 shares in the company, valued at approximately $499,970.24. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Barclays reduced their price objective on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Wolfe Research reiterated an “outperform” rating and issued a $131.00 price objective on shares of ConocoPhillips in a report on Thursday, November 6th. Melius Research began coverage on shares of ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price on the stock. Finally, Roth Capital decreased their price target on shares of ConocoPhillips from $108.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, October 15th. Nineteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average target price of $114.77.

ConocoPhillips Stock Performance

NYSE:COP opened at $93.73 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.32. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $106.20. The company has a 50 day simple moving average of $89.54 and a two-hundred day simple moving average of $91.80. The company has a market capitalization of $115.82 billion, a PE ratio of 13.26, a P/E/G ratio of 2.11 and a beta of 0.32.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a net margin of 14.25% and a return on equity of 13.64%. The company had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. During the same period in the prior year, the firm posted $1.78 EPS. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.6%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Monday, November 17th. ConocoPhillips’s payout ratio is currently 47.52%.

ConocoPhillips Company 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.