ConocoPhillips $COP Shares Bought by Assetmark Inc.

Key Points

• Assetmark Inc. increased its ConocoPhillips stake by 6.9% in the first quarter, buying 28,428 additional shares and bringing its total to 438,657 shares valued at about $57.9 million.
• ConocoPhillips reported stronger-than-expected quarterly results, with EPS of $1.89 beating estimates and revenue of $15.76 billion slightly above forecasts, even though revenue declined 6.1% from a year earlier.
• The company declared a quarterly dividend of $0.84 per share, or $3.36 annually for a 2.9% yield, while analysts currently rate the stock a Moderate Buy with a consensus price target of $134.04.

Assetmark Inc. boosted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 6.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 438,657 shares of the energy producer's stock after acquiring an additional 28,428 shares during the quarter. Assetmark Inc.'s holdings in ConocoPhillips were worth $57,903,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Frazier Financial Advisors LLC lifted its holdings in shares of ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after buying an additional 145 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of ConocoPhillips in the fourth quarter worth about $25,000. Evergreen Advisors LLC purchased a new position in shares of ConocoPhillips in the 1st quarter valued at about $36,000. Strive Asset Management LLC acquired a new position in ConocoPhillips in the 3rd quarter worth about $28,000. Finally, Board of the Pension Protection Fund purchased a new position in ConocoPhillips during the fourth quarter worth approximately $28,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips News Summary

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: ConocoPhillips agreed to acquire a 42% stake in BP’s Iraq venture, increasing its exposure to the Kirkuk oilfields and more than 3 billion barrels of recoverable resources. Reuters article
• Positive Sentiment: The company’s Iraq agreement is part of a broader wave of U.S. corporate commitments to support Iraqi energy development, which may signal additional international growth potential. Financial Post article
• Positive Sentiment: Energy shares were broadly stronger, helping support ConocoPhillips alongside a sector-wide move higher. Yahoo Finance article
• Neutral Sentiment: Several reports noted that COP tends to move with crude oil prices, so commodity trends remain an important near-term driver for the stock. Kalkine Media article

ConocoPhillips Trading Up 1.6%

Shares of ConocoPhillips stock opened at $114.70 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.29 and a quick ratio of 1.14. The stock's 50 day simple moving average is $113.48 and its 200-day simple moving average is $113.37. The stock has a market cap of $139.74 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.36 and a beta of 0.12. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping analysts' consensus estimates of $1.72 by $0.17. The firm had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm's revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.09 earnings per share. Analysts predict that ConocoPhillips will post 9.2 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, May 11th. ConocoPhillips's payout ratio is currently 57.05%.

Analysts Set New Price Targets

Several brokerages have commented on COP. Royal Bank Of Canada set a $130.00 price objective on ConocoPhillips in a report on Monday, June 22nd. Raymond James Financial reduced their price objective on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating for the company in a research report on Monday, June 1st. Barclays increased their target price on ConocoPhillips from $136.00 to $155.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Truist Financial decreased their target price on ConocoPhillips from $128.00 to $115.00 and set a "hold" rating on the stock in a research report on Wednesday, July 8th. Finally, Scotiabank lifted their price target on ConocoPhillips from $100.00 to $125.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $134.04.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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