ConocoPhillips $COP Stock Position Increased by Dark Forest Capital Management LP

Key Points

• Dark Forest Capital Management LP increased its investment in ConocoPhillips (COP) by 654.0% in the 1st quarter, making the stock its 10th largest holding valued at approximately $9.4 million.
• ConocoPhillips reported $1.42 in earnings per share for the most recent quarter, exceeding analysts' expectations, and has forecasted 8.16 EPS for the current fiscal year.
• The company announced a quarterly dividend of $0.78 per share, representing an annual yield of 3.1%, with the payment scheduled for September 2nd.

Dark Forest Capital Management LP lifted its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 654.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,849 shares of the energy producer's stock after acquiring an additional 77,933 shares during the quarter. ConocoPhillips makes up approximately 0.4% of Dark Forest Capital Management LP's holdings, making the stock its 10th biggest position. Dark Forest Capital Management LP's holdings in ConocoPhillips were worth $9,436,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in COP. 10Elms LLP bought a new position in shares of ConocoPhillips during the 4th quarter valued at approximately $28,000. Financial Network Wealth Advisors LLC grew its stake in shares of ConocoPhillips by 341.5% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock valued at $30,000 after acquiring an additional 222 shares during the period. Stone House Investment Management LLC bought a new position in ConocoPhillips in the 1st quarter worth approximately $31,000. Garde Capital Inc. bought a new position in ConocoPhillips in the 1st quarter worth approximately $35,000. Finally, IMA Advisory Services Inc. bought a new position in ConocoPhillips in the 1st quarter worth approximately $37,000. 82.36% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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 bought at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This represents a 57.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.24% of the company's stock.

Wall Street Analyst Weigh In

COP has been the subject of several recent analyst reports. Roth Capital restated a "buy" rating on shares of ConocoPhillips in a research note on Wednesday. Piper Sandler upped their price target on ConocoPhillips from $123.00 to $124.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Scotiabank upped their price target on ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, July 11th. Susquehanna dropped their price target on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Finally, Bank of America dropped their price target on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average target price of $120.95.

ConocoPhillips Price Performance

Shares of COP traded down $2.80 during mid-day trading on Friday, hitting $92.97. 8,509,766 shares of the stock were exchanged, compared to its average volume of 6,192,091. The company has a market cap of $116.12 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 2.50 and a beta of 0.69. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The firm has a 50-day moving average of $94.76 and a two-hundred day moving average of $93.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.06. The business had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.98 EPS. On average, equities analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio is presently 41.88%.

ConocoPhillips Company 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.