Cornerstone Wealth Group LLC Grows Stake in ConocoPhillips (NYSE:COP)

Cornerstone Wealth Group LLC lifted its stake in ConocoPhillips (NYSE:COP - Free Report) by 21.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,051 shares of the energy producer's stock after purchasing an additional 9,848 shares during the period. Cornerstone Wealth Group LLC's holdings in ConocoPhillips were worth $5,886,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in ConocoPhillips by 13.8% in the fourth 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 buying an additional 5,549,078 shares in the last quarter. Elevation Point Wealth Partners LLC grew its stake in shares of ConocoPhillips by 83.0% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock valued at $1,897,000 after acquiring an additional 8,189 shares during the period. Hennessy Advisors Inc. increased its holdings in ConocoPhillips by 151.1% in the 1st quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer's stock worth $9,580,000 after acquiring an additional 54,900 shares in the last quarter. ORG Wealth Partners LLC raised its stake in ConocoPhillips by 853.3% during the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock worth $698,000 after acquiring an additional 5,922 shares during the period. Finally, NJ State Employees Deferred Compensation Plan lifted its holdings in ConocoPhillips by 20.4% during the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 30,100 shares of the energy producer's stock valued at $2,985,000 after purchasing an additional 5,100 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 0.3%

COP stock traded down $0.27 during mid-day trading on Wednesday, reaching $89.12. 8,366,434 shares of the stock traded hands, compared to its average volume of 7,511,041. ConocoPhillips has a one year low of $79.88 and a one year high of $118.40. The stock has a market capitalization of $112.66 billion, a PE ratio of 11.32, a PEG ratio of 2.48 and a beta of 0.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.13 and a current ratio of 1.27. The business has a 50-day moving average price of $89.84 and a two-hundred day moving average price of $95.28.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.04. The company 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 period in the prior year, the company posted $2.05 EPS. Equities research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Monday, May 19th. ConocoPhillips's dividend payout ratio is currently 39.64%.

Analysts Set New Price Targets

COP has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. UBS Group cut their price target on ConocoPhillips from $116.00 to $111.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Barclays decreased their price target on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Bank of America dropped their price objective on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Finally, Mizuho decreased their target price on ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.30.

Insider Activity at ConocoPhillips

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

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.