Legacy Wealth Management LLC MS Purchases 20,276 Shares of ConocoPhillips (NYSE:COP)

Legacy Wealth Management LLC MS increased its stake in ConocoPhillips (NYSE:COP - Free Report) by 262.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 28,006 shares of the energy producer's stock after buying an additional 20,276 shares during the quarter. ConocoPhillips accounts for approximately 1.0% of Legacy Wealth Management LLC MS's portfolio, making the stock its 28th largest holding. Legacy Wealth Management LLC MS's holdings in ConocoPhillips were worth $2,941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COP. Tallon Kerry Patrick purchased a new position in ConocoPhillips in the fourth quarter valued at about $511,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in ConocoPhillips by 27.2% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,967 shares of the energy producer's stock valued at $1,286,000 after purchasing an additional 2,770 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in ConocoPhillips in the fourth quarter valued at approximately $161,000. Foundations Investment Advisors LLC lifted its stake in ConocoPhillips by 9.2% in the fourth quarter. Foundations Investment Advisors LLC now owns 13,401 shares of the energy producer's stock valued at $1,329,000 after purchasing an additional 1,133 shares during the last quarter. Finally, Perigon Wealth Management LLC lifted its stake in ConocoPhillips by 14.3% in the fourth quarter. Perigon Wealth Management LLC now owns 8,192 shares of the energy producer's stock valued at $865,000 after purchasing an additional 1,028 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 0.6%

Shares of COP traded down $0.48 during mid-day trading on Friday, reaching $85.12. The company's stock had a trading volume of 20,169,963 shares, compared to its average volume of 7,420,742. The stock has a market cap of $107.61 billion, a PE ratio of 10.93, a P/E/G ratio of 0.79 and a beta of 0.64. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40. The company's fifty day moving average price is $90.46 and its two-hundred day moving average price is $97.44.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. On average, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.67%. ConocoPhillips's dividend payout ratio (DPR) is currently 39.64%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on COP shares. Susquehanna dropped their price target on ConocoPhillips from $120.00 to $114.00 and set a "positive" rating on the stock in a research report on Monday, May 12th. The Goldman Sachs Group set a $132.00 price objective on shares of ConocoPhillips in a report on Thursday, January 30th. Barclays dropped their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on shares of ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Wells Fargo & Company dropped their target price on ConocoPhillips from $116.00 to $113.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 14th. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $121.63.

About ConocoPhillips

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.