Perennial Investment Advisors LLC Takes $529,000 Position in ConocoPhillips $COP

Perennial Investment Advisors LLC bought a new position in ConocoPhillips (NYSE:COP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,091 shares of the energy producer’s stock, valued at approximately $529,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COP. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in ConocoPhillips during the 4th quarter valued at approximately $25,000. Strive Asset Management LLC purchased a new stake in shares of ConocoPhillips in the third quarter valued at $28,000. Frazier Financial Advisors LLC raised its position in ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after purchasing an additional 145 shares during the period. Allied Private Wealth LLC purchased a new stake in shares of ConocoPhillips in the second quarter worth approximately $32,000. Finally, BNP Paribas bought a new stake in shares of ConocoPhillips during the second quarter worth $33,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COP. UBS Group raised their target price on shares of ConocoPhillips from $143.00 to $153.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Roth Capital raised shares of ConocoPhillips from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $124.00 to $130.00 in a research note on Monday, June 22nd. Freedom Capital upgraded shares of ConocoPhillips from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Truist Financial lifted their price objective on shares of ConocoPhillips from $115.00 to $130.00 and gave the company a “hold” rating in a report on Monday, August 10th. Finally, Zacks Research downgraded ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.29.

Insider Buying and Selling

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president directly owned 9,593 shares of the company’s stock, valued at $1,296,493.95. This represents a 49.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

ConocoPhillips Stock Down 0.8%

ConocoPhillips stock opened at $130.79 on Thursday. The business’s 50-day simple moving average is $116.53 and its two-hundred day simple moving average is $118.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The company has a market cap of $157.12 billion, a PE ratio of 17.30, a PEG ratio of 1.39 and a beta of 0.11. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.88.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The company’s revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. Equities analysts anticipate that ConocoPhillips will post 10.55 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

ConocoPhillips Company Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.