Belpointe Asset Management LLC Buys 2,811 Shares of ConocoPhillips $COP

Key Points

• Belpointe Asset Management LLC increased its stake in ConocoPhillips by 31.3%, acquiring an additional 2,811 shares, bringing its total holdings to 11,800 shares valued at approximately $1.24 million.
• ConocoPhillips reported a quarterly earnings per share of $1.42, exceeding analyst estimates, with revenues of $14.94 billion, showing a 4.3% increase year over year.
• The company's dividend yield is currently at 3.3%, with a recent quarterly payment of $0.78 per share announced for stockholders of record.

Belpointe Asset Management LLC boosted its stake in ConocoPhillips (NYSE:COP - Free Report) by 31.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,800 shares of the energy producer's stock after acquiring an additional 2,811 shares during the quarter. Belpointe Asset Management LLC's holdings in ConocoPhillips were worth $1,239,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. 10Elms LLP bought a new stake in ConocoPhillips in the 4th quarter valued at $28,000. Financial Network Wealth Advisors LLC increased its stake in ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after buying an additional 222 shares during the last quarter. Stone House Investment Management LLC acquired a new stake in ConocoPhillips in the 1st quarter valued at $31,000. Garde Capital Inc. acquired a new stake in ConocoPhillips in the 1st quarter valued at $35,000. Finally, IMA Advisory Services Inc. acquired a new stake in ConocoPhillips in the 1st quarter valued at $37,000. 82.36% of the stock is owned by institutional investors.

Insider Activity at ConocoPhillips

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.24% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on COP shares. Piper Sandler lifted their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Morgan Stanley reiterated an "overweight" rating and issued a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Scotiabank lifted their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research note on Friday, July 11th. Melius started coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 price target on the stock. Finally, UBS Group lifted their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus price target of $120.86.

ConocoPhillips Stock Down 0.2%

ConocoPhillips stock opened at $94.13 on Friday. The firm has a market capitalization of $117.56 billion, a PE ratio of 12.63, a P/E/G ratio of 2.48 and a beta of 0.69. The company's 50-day moving average is $94.78 and its 200-day moving average is $93.01. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. The company 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%. ConocoPhillips's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. Sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. ConocoPhillips's payout ratio is currently 41.88%.

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.

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