Graypoint LLC Raises Stock Position in ConocoPhillips (NYSE:COP)

Graypoint LLC raised its position in ConocoPhillips (NYSE:COP) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,789 shares of the energy producer’s stock after purchasing an additional 496 shares during the quarter. Graypoint LLC’s holdings in ConocoPhillips were worth $2,294,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Manning & Napier Advisors LLC purchased a new position in ConocoPhillips in the second quarter worth approximately $30,021,000. EP Wealth Advisors LLC grew its position in ConocoPhillips by 19.1% in the 1st quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock valued at $3,640,000 after buying an additional 4,578 shares during the last quarter. Alpha DNA Investment Management LLC increased its stake in shares of ConocoPhillips by 83.8% during the second quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock worth $1,879,000 after acquiring an additional 7,490 shares during the period. TCW Group Inc. increased its position in ConocoPhillips by 37.8% during the 2nd quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock worth $3,434,000 after purchasing an additional 8,231 shares during the period. Finally, Doheny Asset Management CA purchased a new position in ConocoPhillips in the second quarter worth $815,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Buying and Selling

In related news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on COP shares. UBS Group decreased their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $126.00 price target (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Susquehanna boosted their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. Truist Financial cut their price target on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Scotiabank decreased their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research report on Thursday, October 10th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.47.

ConocoPhillips Price Performance

Shares of COP stock opened at $113.60 on Thursday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The stock has a market capitalization of $130.74 billion, a PE ratio of 13.51, a PEG ratio of 0.89 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The stock’s fifty day moving average is $107.81 and its 200-day moving average is $112.53.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same period in the prior year, the company earned $2.16 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities research analysts expect that ConocoPhillips will post 7.79 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.75%. ConocoPhillips’s dividend payout ratio is 37.10%.

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.