King Wealth Makes New Investment in ConocoPhillips (NYSE:COP)

King Wealth acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,146 shares of the energy producer’s stock, valued at approximately $222,000.

Several other institutional investors also recently bought and sold shares of the company. Cetera Advisor Networks LLC increased its holdings in ConocoPhillips by 9.6% during the 2nd quarter. Cetera Advisor Networks LLC now owns 145,505 shares of the energy producer’s stock worth $15,076,000 after purchasing an additional 12,772 shares during the period. GraniteShares Advisors LLC purchased a new position in shares of ConocoPhillips in the 2nd quarter valued at $352,000. Strategic Financial Services Inc increased its holdings in shares of ConocoPhillips by 8.2% in the 2nd quarter. Strategic Financial Services Inc now owns 2,337 shares of the energy producer’s stock valued at $272,000 after acquiring an additional 178 shares during the period. Beverly Hills Private Wealth LLC increased its holdings in shares of ConocoPhillips by 58.6% in the 2nd quarter. Beverly Hills Private Wealth LLC now owns 5,915 shares of the energy producer’s stock valued at $673,000 after acquiring an additional 2,185 shares during the period. Finally, Cetera Investment Advisers increased its holdings in shares of ConocoPhillips by 0.4% in the 2nd quarter. Cetera Investment Advisers now owns 68,285 shares of the energy producer’s stock valued at $7,075,000 after acquiring an additional 245 shares during the period. 80.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

ConocoPhillips stock traded down $0.12 during mid-day trading on Wednesday, reaching $115.42. The company had a trading volume of 228,268 shares, compared to its average volume of 5,675,001. ConocoPhillips has a 1 year low of $91.53 and a 1 year high of $133.50. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.53. The company has a market capitalization of $137.05 billion, a P/E ratio of 12.63, a P/E/G ratio of 0.70 and a beta of 1.28. The stock’s 50-day simple moving average is $120.20 and its 200-day simple moving average is $112.21.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 14th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Monday, November 13th. ConocoPhillips’s dividend payout ratio (DPR) is 25.36%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. UBS Group lifted their price target on ConocoPhillips from $147.00 to $149.00 and gave the company a “buy” rating in a report on Wednesday, October 4th. Bank of America lifted their price target on ConocoPhillips from $145.00 to $150.00 in a report on Wednesday, September 27th. Morgan Stanley lifted their price target on ConocoPhillips from $124.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, October 2nd. Johnson Rice began coverage on ConocoPhillips in a report on Tuesday. They issued an “accumulate” rating and a $135.00 price target on the stock. Finally, Susquehanna lowered their price objective on ConocoPhillips from $153.00 to $152.00 and set a “positive” rating for the company in a research report on Wednesday, October 18th. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $136.35.

Insiders Place Their Bets

In other ConocoPhillips news, Director Timothy A. Leach sold 44,000 shares of ConocoPhillips stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $114.64, for a total value of $5,044,160.00. Following the transaction, the director now owns 578,748 shares in the company, valued at approximately $66,347,670.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Timothy A. Leach sold 44,000 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $114.64, for a total transaction of $5,044,160.00. Following the completion of the sale, the director now owns 578,748 shares of the company’s stock, valued at approximately $66,347,670.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ryan Michael Lance sold 569,400 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $122.14, for a total transaction of $69,546,516.00. Following the sale, the chief executive officer now directly owns 18,187 shares of the company’s stock, valued at approximately $2,221,360.18. The disclosure for this sale can be found here. In the last three months, insiders sold 646,049 shares of company stock valued at $78,636,116. Company insiders own 0.37% of the company’s stock.

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 and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.