ConocoPhillips $COP Stake Boosted by Permanens Capital L.P.

Key Points

• Permanens Capital L.P. increased its stake in ConocoPhillips by 40.7% in the first quarter, acquiring an additional 4,838 shares, bringing its total to 16,730 shares valued at approximately $1.76 million.
• ConocoPhillips recently reported $1.42 earnings per share, exceeding analysts' expectations of $1.36, with a revenue of $14.94 billion for the quarter.
• The company announced a quarterly dividend of $0.78 per share, yielding 3.4%, with a payout ratio of 41.88%.

Permanens Capital L.P. grew its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,730 shares of the energy producer's stock after acquiring an additional 4,838 shares during the period. ConocoPhillips accounts for 0.3% of Permanens Capital L.P.'s investment portfolio, making the stock its 24th biggest holding. Permanens Capital L.P.'s holdings in ConocoPhillips were worth $1,757,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. 10Elms LLP acquired a new stake in shares of ConocoPhillips in the 4th quarter valued at $28,000. Financial Network Wealth Advisors LLC lifted its stake in shares of 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 purchasing an additional 222 shares during the last quarter. Stone House Investment Management LLC acquired a new stake in shares of ConocoPhillips in the 1st quarter valued at $31,000. Garde Capital Inc. acquired a new stake in shares of ConocoPhillips in the 1st quarter valued at $35,000. Finally, IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips in the 1st quarter valued at $37,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

NYSE COP opened at $92.97 on Friday. The stock has a market cap of $116.12 billion, a P/E ratio of 12.48, a PEG ratio of 2.50 and a beta of 0.69. The company's 50-day simple moving average is $94.76 and its 200 day simple moving average is $93.19. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 15.26% and a return on equity of 14.60%. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 earnings per share. As a group, research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Raymond James Financial lifted their price objective on ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Wall Street Zen lowered ConocoPhillips from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Citigroup cut their price objective on shares of ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Piper Sandler upped their price objective on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Finally, Mizuho cut their price objective on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Sixteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $120.95.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The shares were purchased at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the purchase, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.24% of the company's stock.

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.

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