Sonora Investment Management Group LLC Raises Stock Position in ConocoPhillips (NYSE:COP)

Sonora Investment Management Group LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 59.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,771 shares of the energy producer’s stock after buying an additional 3,649 shares during the period. Sonora Investment Management Group LLC’s holdings in ConocoPhillips were worth $969,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of COP. Cetera Investment Advisers grew its stake in shares of ConocoPhillips by 7.4% during the 2nd quarter. Cetera Investment Advisers now owns 308,413 shares of the energy producer’s stock valued at $35,276,000 after purchasing an additional 21,286 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of ConocoPhillips in the second quarter worth approximately $59,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in ConocoPhillips by 10.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 202,375 shares of the energy producer’s stock valued at $23,148,000 after buying an additional 19,268 shares during the period. Mattson Financial Services LLC purchased a new stake in ConocoPhillips during the second quarter valued at approximately $2,142,000. Finally, Cascade Investment Advisors Inc. raised its position in ConocoPhillips by 1.5% in the third quarter. Cascade Investment Advisors Inc. now owns 15,200 shares of the energy producer’s stock worth $1,600,000 after acquiring an additional 225 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Performance

NYSE:COP opened at $101.41 on Friday. The firm has a market capitalization of $116.72 billion, a PE ratio of 12.06, a PEG ratio of 0.78 and a beta of 1.19. The stock’s fifty day moving average is $102.29 and its 200 day moving average is $106.86. ConocoPhillips has a fifty-two week low of $94.23 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The business had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the prior year, the firm posted $2.16 earnings per share. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that ConocoPhillips will post 7.64 earnings per share for the current year.

Insider Activity at ConocoPhillips

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

Analysts Set New Price Targets

A number of brokerages recently commented on COP. Susquehanna raised their target price on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Truist Financial lifted their price objective on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Scotiabank reduced their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Evercore ISI reiterated an “outperform” rating and issued a $165.00 price target on shares of ConocoPhillips in a research report on Friday, December 6th. Finally, BMO Capital Markets raised their price objective on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $135.89.

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.