Cetera Investment Advisers Purchases 12,064 Shares of ConocoPhillips (NYSE:COP)

Key Points

• Cetera Investment Advisers increased its position in ConocoPhillips by 3.7% in Q1 2023, owning 340,038 shares valued at approximately $35.7 million.
• ConocoPhillips reported earnings of $2.09 per share for the latest quarter, surpassing analyst expectations and generating $16.18 billion in revenue.
• The company declared a quarterly dividend of $0.78 per share, representing an annual yield of 3.29% with a payout ratio of 39.64%.

Cetera Investment Advisers raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 340,038 shares of the energy producer's stock after purchasing an additional 12,064 shares during the period. Cetera Investment Advisers' holdings in ConocoPhillips were worth $35,711,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of COP. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after purchasing an additional 5,549,078 shares during the last quarter. Invesco Ltd. increased its position in shares of ConocoPhillips by 37.1% in the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock worth $1,544,101,000 after purchasing an additional 4,211,939 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ConocoPhillips by 13.7% in the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock worth $2,792,521,000 after purchasing an additional 3,397,360 shares during the last quarter. Northern Trust Corp grew its position in shares of ConocoPhillips by 27.6% during 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 buying an additional 2,971,661 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of ConocoPhillips by 10,440.1% during the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock valued at $311,299,000 after buying an additional 2,936,066 shares during the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Down 1.3%

ConocoPhillips stock traded down $1.26 during trading hours on Wednesday, hitting $96.73. The company had a trading volume of 1,473,067 shares, compared to its average volume of 8,166,363. The firm has a market capitalization of $122.28 billion, a P/E ratio of 12.28, a price-to-earnings-growth ratio of 2.53 and a beta of 0.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13. The firm's fifty day moving average is $91.44 and its 200-day moving average is $94.28. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.04. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. During the same quarter in the prior year, the business earned $2.05 EPS. On average, research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips's dividend payout ratio is 39.64%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Mizuho reduced their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Susquehanna reduced their price target on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Raymond James Financial upped their price target on shares of ConocoPhillips from $109.00 to $117.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $123.00 price target (up from $113.00) on shares of ConocoPhillips in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $121.33.

Insider Buying and Selling

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction on Monday, June 16th. The stock was bought at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the transaction, the executive vice president directly owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is owned by corporate insiders.

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.