Elevation Point Wealth Partners LLC Grows Stock Holdings in ConocoPhillips (NYSE:COP)

Elevation Point Wealth Partners LLC lifted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 83.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,060 shares of the energy producer's stock after purchasing an additional 8,189 shares during the period. Elevation Point Wealth Partners LLC's holdings in ConocoPhillips were worth $1,897,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Gray Wealth Management Inc. lifted its position in shares of ConocoPhillips by 5.0% during the 4th quarter. Gray Wealth Management Inc. now owns 2,171 shares of the energy producer's stock worth $215,000 after purchasing an additional 104 shares during the last quarter. Plancorp LLC lifted its position in ConocoPhillips by 2.7% in the fourth quarter. Plancorp LLC now owns 4,018 shares of the energy producer's stock valued at $399,000 after acquiring an additional 104 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its position in ConocoPhillips by 3.7% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 2,912 shares of the energy producer's stock valued at $289,000 after acquiring an additional 105 shares during the last quarter. Councilmark Asset Management LLC lifted its position in ConocoPhillips by 0.5% in the fourth quarter. Councilmark Asset Management LLC now owns 19,639 shares of the energy producer's stock valued at $1,948,000 after acquiring an additional 106 shares during the last quarter. Finally, Second Line Capital LLC lifted its position in ConocoPhillips by 2.2% in the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer's stock valued at $495,000 after acquiring an additional 108 shares during the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 2.4%

Shares of ConocoPhillips stock opened at $97.00 on Friday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $118.40. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The company's 50-day simple moving average is $88.91 and its 200-day simple moving average is $95.87. The firm has a market cap of $122.63 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its 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 company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same period in the prior year, the business posted $2.05 earnings per share. As a group, equities research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.22%. ConocoPhillips's payout ratio is currently 39.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of ConocoPhillips from $114.00 to $107.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Scotiabank reduced their price target on shares of ConocoPhillips from $115.00 to $95.00 and set a "sector perform" rating for the company in a research report on Friday, April 11th. Barclays reduced their price target on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Royal Bank of Canada dropped their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Finally, Bank of America dropped their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $121.30.

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.

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