Harmony Asset Management LLC Has $528,000 Stake in ConocoPhillips (NYSE:COP)

Harmony Asset Management LLC lessened its holdings in ConocoPhillips (NYSE:COP) by 27.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,012 shares of the energy producer’s stock after selling 1,915 shares during the period. Harmony Asset Management LLC’s holdings in ConocoPhillips were worth $528,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Values First Advisors Inc. bought a new position in shares of ConocoPhillips in the third quarter worth $26,000. Stephens Consulting LLC grew its position in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 104 shares during the period. Reston Wealth Management LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter valued at about $31,000. Truvestments Capital LLC purchased a new position in shares of ConocoPhillips during the third quarter worth approximately $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the second quarter valued at approximately $35,000. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Truist Financial lowered their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Susquehanna raised their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Barclays lifted their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Finally, UBS Group reduced their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips Stock Performance

NYSE:COP opened at $106.14 on Tuesday. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The company has a 50 day simple moving average of $108.77 and a two-hundred day simple moving average of $110.72. The company has a market capitalization of $122.16 billion, a PE ratio of 12.62, a P/E/G ratio of 0.89 and a beta of 1.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the previous year, the company earned $2.16 earnings per share. ConocoPhillips’s quarterly revenue was down 8.5% on a year-over-year basis. Research analysts anticipate 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 was paid on Monday, December 2nd. Investors of record on Monday, November 11th were paid a $0.78 dividend. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Friday, November 8th. ConocoPhillips’s payout ratio is currently 37.10%.

ConocoPhillips Profile

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.