Hennessy Advisors Inc. Buys 54,900 Shares of ConocoPhillips (NYSE:COP)

Hennessy Advisors Inc. raised its position in ConocoPhillips (NYSE:COP - Free Report) by 151.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,224 shares of the energy producer's stock after acquiring an additional 54,900 shares during the quarter. Hennessy Advisors Inc.'s holdings in ConocoPhillips were worth $9,580,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Gray Wealth Management Inc. raised its stake in shares of ConocoPhillips by 5.0% during the fourth quarter. Gray Wealth Management Inc. now owns 2,171 shares of the energy producer's stock worth $215,000 after buying an additional 104 shares during the last quarter. Plancorp LLC raised its position in shares of ConocoPhillips by 2.7% during the 4th 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 stake in shares of ConocoPhillips by 3.7% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 2,912 shares of the energy producer's stock valued at $289,000 after purchasing an additional 105 shares during the period. Councilmark Asset Management LLC grew its stake in shares of ConocoPhillips by 0.5% during the fourth quarter. Councilmark Asset Management LLC now owns 19,639 shares of the energy producer's stock worth $1,948,000 after purchasing an additional 106 shares during the period. Finally, Second Line Capital LLC increased its holdings 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 purchasing an additional 108 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on COP shares. Bank of America reduced their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Morgan Stanley lifted their price target on shares of ConocoPhillips from $116.00 to $118.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Mizuho decreased their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Citigroup dropped their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Finally, Barclays reduced their target price on shares of ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $121.30.

ConocoPhillips Price Performance

NYSE COP traded down $1.95 during trading on Monday, hitting $95.01. 6,140,954 shares of the company's stock were exchanged, compared to its average volume of 7,481,361. The stock's 50 day moving average price is $88.91 and its two-hundred day moving average price is $95.79. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. The company has a market cap of $120.11 billion, a PE ratio of 12.21, a P/E/G 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, beating analysts' consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same quarter last year, the business posted $2.05 earnings per share. Research analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.28%. ConocoPhillips's payout ratio is 39.64%.

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.