Pinnacle Associates Ltd. Raises Position in ConocoPhillips $COP

Pinnacle Associates Ltd. boosted its stake in ConocoPhillips (NYSE:COP) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,143 shares of the energy producer’s stock after buying an additional 3,112 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ConocoPhillips were worth $8,089,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of COP. Clear Creek Financial Management LLC purchased a new position in ConocoPhillips in the 1st quarter valued at about $232,000. Private Trust Co. NA lifted its stake in ConocoPhillips by 5.9% in the 1st quarter. Private Trust Co. NA now owns 9,401 shares of the energy producer’s stock valued at $987,000 after buying an additional 527 shares in the last quarter. Revisor Wealth Management LLC purchased a new position in ConocoPhillips in the 1st quarter valued at about $235,000. Teacher Retirement System of Texas lifted its stake in ConocoPhillips by 64.4% in the 1st quarter. Teacher Retirement System of Texas now owns 394,333 shares of the energy producer’s stock worth $41,413,000 after purchasing an additional 154,453 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its stake in ConocoPhillips by 16.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 4,124 shares of the energy producer’s stock worth $433,000 after purchasing an additional 573 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Up 1.0%

COP stock opened at $88.99 on Friday. The firm has a market cap of $111.14 billion, a PE ratio of 11.94, a PEG ratio of 2.36 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The firm’s 50 day moving average price is $92.66 and its 200-day moving average price is $91.99. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 EPS. On average, equities research analysts anticipate that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s payout ratio is presently 41.88%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on COP shares. Piper Sandler decreased their target price on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, October 13th. Weiss Ratings lowered shares of ConocoPhillips from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 24th. BMO Capital Markets raised their target price on shares of ConocoPhillips from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Monday, October 13th. UBS Group decreased their target price on shares of ConocoPhillips from $124.00 to $122.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Finally, Susquehanna decreased their target price on shares of ConocoPhillips to $113.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. Eighteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average target price of $115.63.

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, 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.