Empower Advisory Group LLC Has $74.12 Million Position in ConocoPhillips (NYSE:COP)

Key Points

• Empower Advisory Group LLC increased its stake in ConocoPhillips by 65.1%, owning approximately 705,778 shares valued at $74.12 million, marking a significant organizational investment in the energy sector.
• Insider transaction activity was noted, with Kirk L. Johnson, EVP of ConocoPhillips, buying 5,300 shares for nearly $500,000, reflecting a 57.44% increase in his ownership position.
• Analysts have upgraded their price targets for ConocoPhillips, with Piper Sandler setting a new target of $123.00, indicating strong market confidence and a consensus rating of "Moderate Buy."

Empower Advisory Group LLC raised its position in ConocoPhillips (NYSE:COP - Free Report) by 65.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 705,778 shares of the energy producer's stock after buying an additional 278,267 shares during the period. Empower Advisory Group LLC owned about 0.06% of ConocoPhillips worth $74,121,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in COP. Price T Rowe Associates Inc. MD lifted its position in ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the period. Invesco Ltd. raised its position in shares of ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock valued at $1,544,101,000 after acquiring an additional 4,211,939 shares during the last quarter. Northern Trust Corp lifted its stake in shares of ConocoPhillips by 27.6% in the 4th quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after purchasing an additional 2,971,661 shares during the period. GAMMA Investing LLC boosted its position in shares of ConocoPhillips by 10,440.1% in the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after purchasing an additional 2,936,066 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in shares of ConocoPhillips by 116.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,318,179 shares of the energy producer's stock worth $428,234,000 after purchasing an additional 2,324,080 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on COP shares. Morgan Stanley reissued an "overweight" rating and issued a $119.00 target price on shares of ConocoPhillips in a research note on Tuesday, July 15th. Bank of America cut their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Wells Fargo & Company restated an "overweight" rating and set a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Raymond James Financial increased their target price on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Finally, Barclays decreased their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $120.63.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm's stock in a transaction dated 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 purchase, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips Stock Performance

Shares of NYSE COP traded down $0.56 during mid-day trading on Thursday, reaching $92.56. 9,915,543 shares of the company were exchanged, compared to its average volume of 5,714,840. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The stock has a market capitalization of $117.01 billion, a P/E ratio of 11.76, a P/E/G ratio of 2.42 and a beta of 0.67. The company's 50-day simple moving average is $92.59 and its 200-day simple moving average is $93.80. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The company had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the previous year, the business posted $1.98 earnings per share. ConocoPhillips's quarterly revenue was up 4.3% on a year-over-year basis. As a group, research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.4%. ConocoPhillips's dividend payout ratio is currently 39.64%.

ConocoPhillips 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.