Meyer Handelman Co. Cuts Holdings in ConocoPhillips (NYSE:COP)

Meyer Handelman Co. decreased its stake in ConocoPhillips (NYSE:COPGet Rating) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,851 shares of the energy producer’s stock after selling 2,606 shares during the quarter. Meyer Handelman Co.’s holdings in ConocoPhillips were worth $10,764,000 as of its most recent SEC filing.

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

ConocoPhillips Trading Down 7.8 %

NYSE COP traded down $8.53 on Friday, hitting $101.53. 293,422 shares of the company were exchanged, compared to its average volume of 6,914,243. The company’s 50 day moving average price is $102.42 and its 200-day moving average price is $101.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.54 and a quick ratio of 1.44. The firm has a market capitalization of $131.32 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 0.39 and a beta of 1.31. ConocoPhillips has a twelve month low of $62.25 and a twelve month high of $124.08.

ConocoPhillips (NYSE:COPGet Rating) last issued its earnings results on Thursday, August 4th. The energy producer reported $3.91 earnings per share 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 last year, the company posted $1.27 earnings per share. Analysts predict that ConocoPhillips will post 14.54 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

Insider Activity

In related news, EVP Nicholas G. Olds sold 10,950 shares of the business’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

COP has been the topic of several recent research reports. Bank of America upped their target price on shares of ConocoPhillips from $134.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley increased their price target on shares of ConocoPhillips from $117.00 to $118.00 and gave the stock an “overweight” rating in a research note on Monday, August 29th. Barclays increased their price target on shares of ConocoPhillips from $142.00 to $153.00 and gave the company an “overweight” rating in a report on Wednesday, August 31st. Mizuho cut their price target on shares of ConocoPhillips from $148.00 to $138.00 and set a “buy” rating for the company in a report on Thursday, August 18th. Finally, MKM Partners raised their target price 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 analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.79.

About ConocoPhillips

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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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