HB Wealth Management LLC Purchases 8,136 Shares of ConocoPhillips (NYSE:COP)

Key Points

• HB Wealth Management LLC increased its stake in ConocoPhillips by 20.8%, acquiring 8,136 shares in the first quarter, bringing its total holdings to 47,249 shares valued at approximately $4.96 million.
• ConocoPhillips reported $2.09 EPS for the quarter, surpassing analysts' expectations of $2.05, with total revenue reaching $16.18 billion.
• The company declared a quarterly dividend of $0.78, yielding 3.29% on an annualized basis, with a payout ratio of 39.64%.

HB Wealth Management LLC grew its holdings in ConocoPhillips (NYSE:COP - Free Report) by 20.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 47,249 shares of the energy producer's stock after buying an additional 8,136 shares during the quarter. HB Wealth Management LLC's holdings in ConocoPhillips were worth $4,962,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 10Elms LLP bought a new position in ConocoPhillips in the fourth quarter valued at about $28,000. Garde Capital Inc. bought a new position in ConocoPhillips during the first quarter worth about $35,000. IMA Advisory Services Inc. bought a new position in ConocoPhillips during the first quarter worth about $37,000. Fourth Dimension Wealth LLC bought a new position in ConocoPhillips during the fourth quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC bought a new position in ConocoPhillips during the first quarter worth about $42,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Stock Down 0.5%

Shares of NYSE:COP traded down $0.49 during trading on Thursday, hitting $96.18. 1,791,052 shares of the company were exchanged, compared to its average volume of 8,157,904. The stock has a market cap of $121.59 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 2.55 and a beta of 0.61. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $116.08. The firm has a fifty day moving average price of $91.64 and a two-hundred day moving average price of $94.29. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly 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. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter in the previous year, the firm earned $2.05 EPS. As a group, research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Monday, May 19th. ConocoPhillips's payout ratio is presently 39.64%.

Analyst Ratings Changes

COP has been the topic of a number of recent analyst reports. Piper Sandler restated an "overweight" rating and set a $123.00 target price (up previously from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Susquehanna cut their price objective on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Bank of America cut their price objective on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Citigroup cut their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, June 11th. Finally, Royal Bank Of Canada cut their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating on the stock in a report on Friday, July 11th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $121.33.

Insider Buying and Selling at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson bought 5,300 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, with a total value of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. The trade was a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.24% of the company's stock.

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.