Wedmont Private Capital Reduces Stake in ConocoPhillips by 6.7%

Wedmont Private Capital has decreased its investment in ConocoPhillips (NYSE:COP) by 6.7% during the second quarter of 2023. The firm disclosed a recent filing with the Securities and Exchange Commission indicating that it now holds 17,866 shares of the energy producer, having sold 1,283 shares during the quarter. As of the end of the last quarter, Wedmont’s holdings in ConocoPhillips were valued at approximately $1,689,000.

Several other hedge funds have also adjusted their positions in ConocoPhillips recently. In the fourth quarter of 2022, Woodline Partners LP acquired a new stake worth around $7,704,000. Meanwhile, Waverly Advisors LLC increased its holdings by an impressive 293.6%, acquiring an additional 28,660 shares for a total of 38,420 shares, valued at $3,810,000. Other notable changes included First Heartland Consultants Inc., which invested approximately $236,000, and Focus Partners Advisor Solutions LLC, which boosted its position by 48.0%, acquiring an additional 11,516 shares valued at $3,523,000. Additionally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake by 28.5%, adding 55,421 shares to reach a total of 249,691 shares worth about $24,762,000. It is noteworthy that institutional investors collectively own 82.36% of ConocoPhillips’ stock.

Market Performance and Dividends

As of Friday, ConocoPhillips shares opened at $93.50, reflecting a slight decline of 0.3%. The company’s stock has experienced a one-year low of $79.88 and a high of $116.08. The current fifty-day moving average price stands at $94.66 while the two-hundred-day moving average is $92.90. ConocoPhillips has a market capitalization of $116.78 billion, with a P/E ratio of 12.55 and a beta of 0.69. Financial metrics include a debt-to-equity ratio of 0.35, a current ratio of 1.27, and a quick ratio of 1.10.

The company recently announced a quarterly dividend of $0.78, which was disbursed on September 2, 2023. Shareholders on record as of August 18, 2023 received this payment, resulting in an annualized dividend of $3.12 and a yield of 3.3%. The payout ratio is noted to be 41.88%.

Analyst Ratings and Future Outlook

Recent evaluations by equity research analysts have provided varying ratings on ConocoPhillips’ stock. Melius Research initiated coverage with a “hold” rating and set a price target of $117.00. Conversely, UBS Group raised its price objective from $116.00 to $124.00, affirming a “buy” rating. Additionally, Bank of America adjusted its target from $107.00 to $106.00, maintaining a “neutral” stance. Wall Street Zen downgraded the stock from “hold” to “sell,” and Wells Fargo & Company reiterated an “overweight” rating, increasing its price objective from $113.00 to $117.00.

In total, sixteen analysts have rated ConocoPhillips with a “buy” rating while four have given it a “hold” rating. According to data from MarketBeat.com, the stock holds a consensus rating of “Moderate Buy” with a target price of $120.62.

ConocoPhillips is engaged in exploring, producing, transporting, and marketing a range of energy resources, including crude oil, natural gas, and liquefied natural gas (LNG) across various regions including the United States, Canada, and several international markets. The company’s assets comprise unconventional plays in North America and various conventional assets across Europe, Asia, and Australia, alongside significant global LNG developments.