Venture Visionary Partners LLC, a prominent investment firm, recently disclosed in its most recent Form 13F filing with the Securities and Exchange Commission that it has reduced its position in shares of ConocoPhillips (NYSE: COP) by 25.1% during the second quarter of this year. The firm sold 5,054 shares of the energy producer’s stock, leaving them with a total of 15,043 shares. At the end of the quarter, these holdings were valued at $1,559,000.
This news comes after ConocoPhillips announced its quarterly earnings data on August 3rd. Analysts were disappointed as the company reported earnings per share (EPS) of $1.84 for the quarter, falling short of consensus estimates by ($0.10). In addition to missing EPS estimates, ConocoPhillips had lower-than-expected revenue of $12.88 billion compared to forecasts of $14.64 billion. It is worth mentioning that during the same period last year, ConocoPhillips reported much higher earnings per share at $3.91.
Despite this setback in earnings performance, ConocoPhillips remains optimistic about its future prospects. Equities analysts anticipate that the company will post earnings per share of 8.73 for the current fiscal year.
Various research analysts have weighed in on ConocoPhillips’ stock in recent times. Wells Fargo & Company raised their target price from $134 to $138 and gave the stock an “overweight” rating in a research note on August 4th. On another note, Citigroup lowered their target price from $145 to $140 on July 12th. However, some analysts remain hopeful as Wolfe Research upgraded ConocoPhillips’ rating from “peer perform” to “outperform” and set a target price of $120 on July 7th.
Raymond James also lowered their target price from $142 to $138 and gave the stock a “strong-buy” rating on July 24th. Additionally, Piper Sandler lowered their price objective from $149 to $125 on June 13th.
According to Bloomberg.com, ConocoPhillips currently has an average rating of “Moderate Buy” among analysts, with 15 buy ratings, five hold ratings, and one strong buy rating. The consensus price target for the stock is $135.11.
While Venture Visionary Partners LLC reduced its holdings in ConocoPhillips during the second quarter, it is important to note that other analysts maintain a positive outlook for the company’s future performance. Investors will be closely watching ConocoPhillips as it continues to navigate the ever-changing energy landscape.
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Growing Interest from Institutional Investors and Hedge Funds in ConocoPhillips Signals Bullish Outlook for Energy Producer
ConocoPhillips (NYSE: COP), a renowned energy producer, has garnered attention from several institutional investors and hedge funds in recent months. These investors have been actively adjusting their stakes in the company, either increasing or reducing their positions. Jackson Grant Investment Advisers Inc., for example, raised its position in ConocoPhillips by a staggering 398.1% during the first quarter of this year. Similarly, Financial Connections Group Inc. witnessed an increase of 383.3% in its stake during the fourth quarter.
Additional investment firms such as Fairfield Bush & CO., NewSquare Capital LLC, and Horan Securities Inc., also made moves to bolster their positions in ConocoPhillips. While these firms may vary in terms of percentage increases, their actions demonstrate a collective bullish attitude towards the energy producer’s stock.
These developments suggest that there is substantial interest among institutional investors and hedge funds toward ConocoPhillips’ potential growth prospects. The fact that these professional investors are willing to allocate significant capital speaks volumes about their confidence in the company’s ability to generate returns.
ConocoPhillips’ stock opened at $119.06 on Friday, with a fifty-day moving average price of $117.17 and a 200-day moving average price of $107.56. The company currently boasts a market capitalization of $142.57 billion and maintains a debt-to-equity ratio of 0.33.
Research analysts have also released various reports on ConocoPhillips’ stock recently. Wells Fargo & Company upped its target price from $134.00 to $138.00 while giving the stock an “overweight” rating in its research note on August 4th. Similarly, Citigroup lowered its target price from $145.00 to $140.00 in July but maintained a favorable view of the stock.
In light of these ratings, it is worth noting that several investment analysts have expressed optimism about ConocoPhillips. Five analysts have rated the stock as a hold, fifteen as a buy, and one has given it a strong buy rating. The average rating for the company’s stock, according to data from Bloomberg.com, is currently labeled as “Moderate Buy,” with an average price target of $135.11.
ConocoPhillips recently announced that it would be paying out a quarterly dividend to its shareholders on September 1st. The ex-dividend date for this payout was set for Wednesday, September 27th. Stockholders who were on record on Wednesday, August 16th received a dividend of $0.51 per share. Based on an annualized basis, this represents a dividend yield of 1.71%, with ConocoPhillips’ dividend payout ratio (DPR) presently standing at 19.65%.
It is also noteworthy that Director Sharmila Mulligan sold 1,849 shares of ConocoPhillips’ stock in a transaction that occurred on Friday, September 15th. These shares were sold at an average price of $125.19, amounting to a total value of $231,476.31.
In addition to this sale, CEO Ryan Michael Lance also sold 569,400 shares of the company’s stock on Friday, September 1st for an average price of $122.14 per share. Following this transaction, Lance now holds 18,187 shares in ConocoPhillips valued at $2,221,360.18.
Moreover, it is worthy to mention that corporate insiders currently own approximately 0.37% of the company’s stock.
These recent events surrounding ConocoPhillips illustrate both its appeal to institutional investors and hedge funds and its potential growth prospects within the industry. With increased interest from these professional investors and positive ratings from research analysts in the sector, it will be interesting to see how ConocoPhillips continues to perform in the market.
