Diversify Wealth Management LLC Acquires 15,048 Shares of ConocoPhillips $COP

Key Points

• Diversify Wealth Management LLC increased its stake in ConocoPhillips by 316.1% in the first quarter, buying 15,048 additional shares and bringing its total holding to 19,808 shares worth about $2.54 million.
• ConocoPhillips reported better-than-expected quarterly earnings of $1.89 per share, topping estimates of $1.72, while revenue came in at $15.76 billion, slightly above expectations.
• The company continues to return cash to shareholders with a quarterly dividend of $0.84 per share, equal to an annualized yield of about 3.0%, and analysts currently rate the stock a Moderate Buy with an average price target of $134.04.

Diversify Wealth Management LLC raised its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 316.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,808 shares of the energy producer's stock after acquiring an additional 15,048 shares during the quarter. Diversify Wealth Management LLC's holdings in ConocoPhillips were worth $2,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Concurrent Investment Advisors LLC grew its holdings in ConocoPhillips by 31.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer's stock valued at $8,067,000 after purchasing an additional 20,501 shares during the period. D.A. Davidson & CO. increased its position in ConocoPhillips by 10.5% in the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer's stock worth $14,572,000 after buying an additional 14,833 shares in the last quarter. Czech National Bank raised its stake in shares of ConocoPhillips by 2.7% in the fourth quarter. Czech National Bank now owns 325,841 shares of the energy producer's stock worth $30,502,000 after buying an additional 8,635 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of ConocoPhillips by 6.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 282,461 shares of the energy producer's stock worth $27,315,000 after buying an additional 16,343 shares during the period. Finally, BXM Wealth LLC lifted its position in shares of ConocoPhillips by 691.6% during the 4th quarter. BXM Wealth LLC now owns 40,016 shares of the energy producer's stock valued at $3,746,000 after buying an additional 34,961 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

NYSE COP opened at $112.75 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87. The business has a 50-day moving average price of $113.88 and a 200-day moving average price of $112.93. The firm has a market cap of $137.36 billion, a price-to-earnings ratio of 19.14, a price-to-earnings-growth ratio of 1.31 and a beta of 0.12.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. During the same quarter last year, the company earned $2.09 EPS. The firm's quarterly revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts predict that ConocoPhillips will post 9.28 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips's dividend payout ratio (DPR) is 57.05%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on COP shares. Morgan Stanley cut their price objective on ConocoPhillips from $153.00 to $146.00 and set an "overweight" rating for the company in a research note on Friday, June 26th. Piper Sandler raised their target price on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 8th. Royal Bank Of Canada set a $130.00 price target on shares of ConocoPhillips in a report on Monday, June 22nd. Argus upped their price target on shares of ConocoPhillips from $128.00 to $136.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Finally, UBS Group reduced their price objective on shares of ConocoPhillips from $155.00 to $143.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $134.04.

About ConocoPhillips

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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