Harvest Portfolios Group Inc. Purchases 3,874 Shares of ConocoPhillips $COP

Key Points

• Harvest Portfolios Group Inc. increased its holdings in ConocoPhillips by 28.7% in Q1, acquiring an additional 3,874 shares, bringing its total to 17,383 shares valued at approximately $1.83 million.
• ConocoPhillips reported earnings per share (EPS) of $1.42 for the last quarter, exceeding analyst estimates, and saw a 4.3% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.78 per share, equating to an annualized yield of 3.2%, with the dividend payment set for September 2.

Harvest Portfolios Group Inc. grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 28.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,383 shares of the energy producer's stock after purchasing an additional 3,874 shares during the period. Harvest Portfolios Group Inc.'s holdings in ConocoPhillips were worth $1,826,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. 10Elms LLP bought a new stake in ConocoPhillips during the fourth quarter worth $28,000. Financial Network Wealth Advisors LLC raised its position in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Stone House Investment Management LLC bought a new stake in ConocoPhillips during the first quarter worth $31,000. Garde Capital Inc. bought a new stake in ConocoPhillips during the first quarter worth $35,000. Finally, IMA Advisory Services Inc. bought a new position in ConocoPhillips during the first quarter worth $37,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on COP shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $117.00 price objective (up from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. UBS Group lifted their price objective on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Mizuho reduced their price objective on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Royal Bank Of Canada reduced their price objective on shares of ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a research report on Friday, July 11th. Finally, Scotiabank lifted their price objective on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.95.

Insider Activity

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the stock in a transaction dated Monday, June 16th. The stock was bought at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the purchase, the executive vice president directly owned 14,527 shares of the company's stock, valued at $1,369,024.48. This represents a 57.44% increase in their position. The transaction 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 corporate insiders.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock traded up $0.61 during trading on Friday, reaching $99.06. The company's stock had a trading volume of 4,594,203 shares, compared to its average volume of 6,974,235. The business's 50-day moving average price is $94.16 and its 200-day moving average price is $93.18. The firm has a market cap of $123.72 billion, a PE ratio of 13.30, a P/E/G ratio of 2.59 and a beta of 0.67. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $116.08. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.06. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business had revenue of $14.94 billion during the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. ConocoPhillips's revenue was up 4.3% compared to the same quarter last year. Equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.1%. ConocoPhillips's dividend payout ratio is currently 41.88%.

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.