ConocoPhillips $COP Shares Purchased by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co Wealth Management increased its ConocoPhillips stake 67.8% in the third quarter, adding 14,217 shares to reach 35,199 shares valued at about $4.4 million.
• Institutional investors own 82.36% of ConocoPhillips; recent large position increases included State Street’s 73.2% expansion and Assenagon’s 1,181% increase.
• Analysts have a consensus “Moderate Buy” rating and a $145.08 price target. In its latest reported quarter, ConocoPhillips beat earnings and revenue estimates, with revenue up 32.4% year over year.

GRIMES & Co WEALTH MANAGEMENT LLC lifted its holdings in ConocoPhillips (NYSE:COP - Free Report) by 67.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,199 shares of the energy producer's stock after purchasing an additional 14,217 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in ConocoPhillips were worth $4,405,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its position in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer's stock valued at $12,328,767,000 after acquiring an additional 50,116,727 shares during the period. Bank of America Corp DE bought a new position in ConocoPhillips in the 2nd quarter worth $1,260,482,000. Primecap Management Co. CA purchased a new position in ConocoPhillips during the second quarter valued at $1,204,726,000. Assenagon Asset Management S.A. lifted its position in ConocoPhillips by 1,181.0% during the third quarter. Assenagon Asset Management S.A. now owns 8,172,490 shares of the energy producer's stock valued at $1,022,787,000 after purchasing an additional 7,534,536 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in ConocoPhillips during the second quarter valued at about $716,151,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Truist Financial upped their price target on ConocoPhillips from $130.00 to $136.00 and gave the stock a "hold" rating in a research report on Wednesday, October 7th. Susquehanna boosted their price objective on ConocoPhillips from $161.00 to $175.00 and gave the company a "positive" rating in a research note on Tuesday, October 20th. Morgan Stanley increased their target price on shares of ConocoPhillips from $151.00 to $159.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. Barclays decreased their target price on shares of ConocoPhillips from $155.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. Finally, Jefferies Financial Group lifted their price target on shares of ConocoPhillips from $159.00 to $174.00 and gave the company a "buy" rating in a report on Tuesday, October 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and a consensus target price of $145.08.

Insider Activity at ConocoPhillips

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

ConocoPhillips Stock Performance

COP opened at $144.46 on Wednesday. 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 stock has a market capitalization of $173.54 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 1.43 and a beta of 0.16. The company has a fifty day moving average of $136.59 and a 200 day moving average of $121.52. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $154.28.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $18.79 billion. During the same quarter in the previous year, the company earned $1.42 EPS. The business's quarterly revenue was up 32.4% compared to the same quarter last year. As a group, sell-side analysts forecast that ConocoPhillips will post 11.41 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

ConocoPhillips Company 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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