SteelPeak Wealth LLC Trims Position in ConocoPhillips $COP

SteelPeak Wealth LLC decreased its holdings in shares of ConocoPhillips (NYSE:COP) by 97.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,837 shares of the energy producer’s stock after selling 77,343 shares during the quarter. SteelPeak Wealth LLC’s holdings in ConocoPhillips were worth $242,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Patten Group Inc. lifted its position in ConocoPhillips by 1.5% during the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after buying an additional 83 shares during the period. IFC Advisors LLC boosted its stake in ConocoPhillips by 0.4% in the 1st quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock worth $2,664,000 after buying an additional 84 shares during the last quarter. Blue Trust Inc. grew its holdings in ConocoPhillips by 0.4% in the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after buying an additional 92 shares during the period. Sigma Planning Corp grew its holdings in ConocoPhillips by 0.6% in the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock valued at $2,120,000 after buying an additional 94 shares during the period. Finally, Nicolet Advisory Services LLC increased its stake in shares of ConocoPhillips by 0.9% during the 4th quarter. Nicolet Advisory Services LLC now owns 10,352 shares of the energy producer’s stock valued at $989,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BMO Capital Markets cut their price objective on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Citigroup boosted their target price on shares of ConocoPhillips from $135.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. Morgan Stanley cut their price target on shares of ConocoPhillips from $153.00 to $146.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Finally, Truist Financial decreased their price target on shares of ConocoPhillips from $128.00 to $115.00 and set a “hold” rating on the stock in a report on Wednesday, July 8th. Eighteen investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $134.04.

ConocoPhillips Trading Down 0.0%

Shares of COP stock opened at $114.70 on Monday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The firm’s 50 day moving average price is $113.48 and its two-hundred day moving average price is $113.52. The stock has a market cap of $139.74 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 1.39 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The business had revenue of $15.76 billion for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $2.09 EPS. On average, analysts anticipate that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s payout ratio is currently 57.05%.

Trending Headlines about ConocoPhillips

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips agreed to acquire a 42% stake in BP’s Iraq venture, increasing its exposure to the Kirkuk oilfields and more than 3 billion barrels of recoverable resources. Reuters article
• Positive Sentiment: The company’s Iraq agreement is part of a broader wave of U.S. corporate commitments to support Iraqi energy development, which may signal additional international growth potential. Financial Post article
• Positive Sentiment: Energy shares were broadly stronger, helping support ConocoPhillips alongside a sector-wide move higher. Yahoo Finance article
• Neutral Sentiment: Several reports noted that COP tends to move with crude oil prices, so commodity trends remain an important near-term driver for the stock. Kalkine Media article

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.