CX Institutional Buys 19,148 Shares of ConocoPhillips $COP

CX Institutional grew its stake in shares of ConocoPhillips (NYSE:COP) by 32.5% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 77,993 shares of the energy producer’s stock after purchasing an additional 19,148 shares during the period. CX Institutional’s holdings in ConocoPhillips were worth $6,999,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COP. Elevation Point Wealth Partners LLC boosted its stake in shares of ConocoPhillips by 83.0% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock worth $1,897,000 after buying an additional 8,189 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its stake in shares of ConocoPhillips by 159.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock worth $5,125,000 after buying an additional 30,000 shares during the last quarter. Aberdeen Group plc boosted its stake in shares of ConocoPhillips by 49.3% in the 1st quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer’s stock worth $83,969,000 after buying an additional 264,726 shares during the last quarter. ORG Wealth Partners LLC boosted its stake in shares of ConocoPhillips by 853.3% in the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock worth $698,000 after buying an additional 5,922 shares during the last quarter. Finally, Hennessy Advisors Inc. boosted its stake in shares of ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock worth $9,580,000 after buying an additional 54,900 shares during the last quarter. 82.36% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $123.00 price objective (up previously from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Piper Sandler upped their price objective on ConocoPhillips from $123.00 to $124.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research note on Saturday. UBS Group upped their price objective on ConocoPhillips from $116.00 to $124.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Finally, Melius Research started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a “hold” rating and a $117.00 price objective on the stock. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.62.

ConocoPhillips Trading Down 1.7%

ConocoPhillips stock opened at $91.89 on Friday. The stock has a market cap of $114.77 billion, a P/E ratio of 12.33, a PEG ratio of 2.46 and a beta of 0.69. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The firm’s fifty day moving average price is $94.59 and its 200-day moving average price is $92.91. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.98 earnings per share. Equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio is currently 41.88%.

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.