Covestor Ltd grew its stake in ConocoPhillips (NYSE:COP – Free Report) by 17.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,215 shares of the energy producer’s stock after acquiring an additional 328 shares during the period. Covestor Ltd’s holdings in ConocoPhillips were worth $230,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of ConocoPhillips in the 2nd quarter valued at about $274,000. Daymark Wealth Partners LLC grew its holdings in shares of ConocoPhillips by 130.0% in the 2nd quarter. Daymark Wealth Partners LLC now owns 7,375 shares of the energy producer’s stock valued at $764,000 after acquiring an additional 4,168 shares in the last quarter. Summit Global Investments bought a new position in shares of ConocoPhillips in the 2nd quarter valued at about $585,000. EP Wealth Advisors LLC bought a new position in shares of ConocoPhillips in the 1st quarter valued at about $258,000. Finally, Astoria Portfolio Advisors LLC. lifted its stake in ConocoPhillips by 17.7% in the 2nd quarter. Astoria Portfolio Advisors LLC. now owns 4,580 shares of the energy producer’s stock valued at $506,000 after purchasing an additional 690 shares during the last quarter. Institutional investors own 80.36% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on COP shares. Erste Group Bank upgraded shares of ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Raymond James cut their target price on shares of ConocoPhillips from $142.00 to $138.00 and set a “strong-buy” rating for the company in a research note on Monday, July 24th. Royal Bank of Canada raised their target price on shares of ConocoPhillips from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, November 14th. Bank of America raised their target price on shares of ConocoPhillips from $145.00 to $150.00 in a research note on Wednesday, September 27th. Finally, Susquehanna cut their price objective on shares of ConocoPhillips from $153.00 to $152.00 and set a “positive” rating for the company in a research report on Wednesday, October 18th. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $136.35.
ConocoPhillips Trading Down 0.3 %
NYSE COP traded down $0.29 on Tuesday, reaching $115.10. The company had a trading volume of 1,480,101 shares, compared to its average volume of 5,674,273. The firm has a market cap of $136.67 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 0.68 and a beta of 1.28. ConocoPhillips has a fifty-two week low of $91.53 and a fifty-two week high of $130.55. The business has a 50 day moving average of $119.58 and a two-hundred day moving average of $112.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.66 and a quick ratio of 1.53.
ConocoPhillips Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 14th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.02%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.51. The ex-dividend date is Monday, November 13th. ConocoPhillips’s dividend payout ratio is presently 25.36%.
Insider Activity at ConocoPhillips
In related news, CEO Ryan Michael Lance sold 569,400 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $122.14, for a total value of $69,546,516.00. Following the completion of the sale, the chief executive officer now directly owns 18,187 shares in the company, valued at $2,221,360.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other ConocoPhillips news, SVP Andrew D. Lundquist sold 30,800 shares of the company’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $123.83, for a total transaction of $3,813,964.00. Following the sale, the senior vice president now owns 5,937 shares of the company’s stock, valued at $735,178.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ryan Michael Lance sold 569,400 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $2,221,360.18. The disclosure for this sale can be found here. Insiders sold 646,049 shares of company stock worth $78,636,116 over the last three months. Company insiders own 0.37% of the company’s stock.
ConocoPhillips Company 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 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.
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