Alpha Cubed Investments LLC Purchases Shares of 2,033 ConocoPhillips (NYSE:COP)

Alpha Cubed Investments LLC acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,033 shares of the energy producer’s stock, valued at approximately $202,000.

Several other hedge funds have also modified their holdings of the stock. Canada Pension Plan Investment Board lifted its position in ConocoPhillips by 49.6% during the second quarter. Canada Pension Plan Investment Board now owns 117,623 shares of the energy producer’s stock valued at $13,454,000 after buying an additional 39,016 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of ConocoPhillips by 135.4% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,378 shares of the energy producer’s stock valued at $1,645,000 after acquiring an additional 8,270 shares during the period. Frank Rimerman Advisors LLC lifted its holdings in shares of ConocoPhillips by 18,028.9% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 6,889 shares of the energy producer’s stock valued at $788,000 after acquiring an additional 6,851 shares in the last quarter. 1832 Asset Management L.P. boosted its position in ConocoPhillips by 3.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 53,008 shares of the energy producer’s stock worth $6,063,000 after purchasing an additional 1,576 shares during the period. Finally, Epoch Investment Partners Inc. increased its holdings in ConocoPhillips by 3.1% in the 2nd quarter. Epoch Investment Partners Inc. now owns 19,452 shares of the energy producer’s stock valued at $2,225,000 after purchasing an additional 580 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ConocoPhillips

In other news, Director R A. Walker bought 10,400 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the transaction, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. This trade represents a 37.68 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arjun N. Murti purchased 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were purchased at an average cost of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on COP shares. BMO Capital Markets upped their target price on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Piper Sandler decreased their price target on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Truist Financial lifted their price objective on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their target price for the company from $120.00 to $123.00 in a research note on Thursday, December 5th. Finally, TD Cowen started coverage on shares of ConocoPhillips in a research note on Friday, January 17th. They set a “buy” rating and a $125.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Buy” and a consensus target price of $136.00.

ConocoPhillips Price Performance

NYSE COP opened at $104.25 on Wednesday. The company has a 50-day moving average price of $103.67 and a two-hundred day moving average price of $107.31. ConocoPhillips has a 52 week low of $94.23 and a 52 week high of $135.18. The stock has a market cap of $119.98 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.88 and a beta of 1.19. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating 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 firm had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. During the same period last year, the firm earned $2.16 EPS. The firm’s revenue was down 8.5% compared to the same quarter last year. Analysts forecast that ConocoPhillips will post 7.68 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were issued a $0.78 dividend. The ex-dividend date was Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.99%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 37.10%.

ConocoPhillips 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.