ConocoPhillips $COP Holdings Boosted by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth significantly increased its ConocoPhillips stake by 694.2% in the third quarter, reaching 195,885 shares valued at approximately $24.5 million. Other institutional investors also raised their positions, with institutions collectively owning 82.36% of the company.
• ConocoPhillips reported quarterly EPS of $3.24, beating estimates by $0.34, while revenue rose 32.4% year over year to $19.52 billion. The company pays a quarterly dividend of $0.84, equivalent to a 2.3% annualized yield.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $143.62, although targets range from $153 to $174 among bullish analysts and $168 from an underperform-rated analyst.

SteelPeak Wealth LLC grew its stake in ConocoPhillips (NYSE:COP - Free Report) by 694.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,885 shares of the energy producer's stock after acquiring an additional 171,222 shares during the period. SteelPeak Wealth LLC's holdings in ConocoPhillips were worth $24,515,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. IFP Advisors Inc raised its holdings in ConocoPhillips by 142.8% during the third quarter. IFP Advisors Inc now owns 36,881 shares of the energy producer's stock worth $4,616,000 after acquiring an additional 21,694 shares in the last quarter. Ariston Services Group grew its stake in ConocoPhillips by 111.0% in the third quarter. Ariston Services Group now owns 6,680 shares of the energy producer's stock valued at $836,000 after purchasing an additional 3,514 shares in the last quarter. Founders Grove Wealth Partners LLC bought a new position in ConocoPhillips in the third quarter valued at approximately $216,000. CRA Financial Services LLC grew its stake in ConocoPhillips by 128.0% in the third quarter. CRA Financial Services LLC now owns 13,163 shares of the energy producer's stock valued at $1,647,000 after purchasing an additional 7,390 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC increased its position in shares of ConocoPhillips by 909.2% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 56,769 shares of the energy producer's stock worth $7,105,000 after purchasing an additional 51,144 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Up 3.3%

Shares of COP stock opened at $146.43 on Friday. 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 firm's 50-day moving average is $132.11 and its 200-day moving average is $122.44. The stock has a market cap of $175.92 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 1.45 and a beta of 0.24. ConocoPhillips has a 52-week low of $85.57 and a 52-week high of $146.59.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. During the same period last year, the business posted $1.42 EPS. ConocoPhillips's revenue was up 32.4% on a year-over-year basis. Sell-side analysts predict that ConocoPhillips will post 11.19 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th were paid a $0.84 dividend. The ex-dividend date was Monday, August 17th. This represents a $3.36 annualized dividend and a yield of 2.3%. ConocoPhillips's dividend payout ratio is currently 44.44%.

Insider Transactions at ConocoPhillips

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $135.15, for a total value of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. This represents a 49.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on COP. Raymond James Financial reiterated an "underperform" rating and set a $168.00 price objective on shares of ConocoPhillips in a research note on Monday, August 24th. Argus increased their price objective on ConocoPhillips from $136.00 to $153.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Jefferies Financial Group increased their price objective on ConocoPhillips from $159.00 to $174.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Weiss Ratings raised shares of ConocoPhillips from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 29th. Finally, Seaport Research Partners began coverage on shares of ConocoPhillips in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, ConocoPhillips has an average rating of "Moderate Buy" and a consensus price target of $143.62.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company's portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.

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