Forum Financial Management LP Sells 246 Shares of ConocoPhillips (NYSE:COP)

Forum Financial Management LP decreased its position in ConocoPhillips (NYSE:COP) by 1.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 18,679 shares of the energy producer’s stock after selling 246 shares during the quarter. Forum Financial Management LP’s holdings in ConocoPhillips were worth $1,966,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Diversify Advisory Services LLC acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $385,000. Lincoln National Corp increased its stake in shares of ConocoPhillips by 2.7% in the 1st quarter. Lincoln National Corp now owns 23,555 shares of the energy producer’s stock valued at $2,998,000 after acquiring an additional 624 shares during the last quarter. Whittier Trust Co. boosted its stake in ConocoPhillips by 11.7% during the 1st quarter. Whittier Trust Co. now owns 19,734 shares of the energy producer’s stock worth $2,512,000 after acquiring an additional 2,060 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in ConocoPhillips by 4.8% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 14,463 shares of the energy producer’s stock valued at $1,841,000 after purchasing an additional 660 shares in the last quarter. Finally, Smith Salley Wealth Management acquired a new stake in ConocoPhillips in the first quarter worth $786,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $107.84 on Monday. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The company’s 50 day moving average price is $107.94 and its two-hundred day moving average price is $112.80. The firm has a market cap of $125.23 billion, a PE ratio of 12.82, a PEG ratio of 0.90 and a beta of 1.21. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. The company’s revenue was down 8.5% on a year-over-year basis. Equities research analysts predict that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a $0.78 dividend. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Analysts Set New Price Targets

Several research firms have recently weighed in on COP. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Scotiabank lowered their price target on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. UBS Group reduced their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Finally, Barclays increased their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.47.

Insider Activity at ConocoPhillips

In related news, Director Timothy A. Leach sold 55,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now directly owns 455,909 shares in the company, valued at $49,288,321.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is currently owned by insiders.

About ConocoPhillips

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.