HITE Hedge Asset Management LLC Boosts Stock Position in ConocoPhillips $COP

Key Points

• HITE Hedge Asset Management LLC increased its stake in ConocoPhillips by 30.9%, bringing its total holdings to 463,673 shares valued at approximately $48.7 million.
• ConocoPhillips has declared a quarterly dividend of $0.78 per share, which translates to a 3.3% dividend yield and a payout ratio of 41.88%.
• Recent analyst ratings for ConocoPhillips show a consensus of 16 buy ratings against 2 holds, with a price target averaging around $120.84.

HITE Hedge Asset Management LLC boosted its holdings in ConocoPhillips (NYSE:COP - Free Report) by 30.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 463,673 shares of the energy producer's stock after purchasing an additional 109,415 shares during the quarter. ConocoPhillips comprises 3.0% of HITE Hedge Asset Management LLC's portfolio, making the stock its 8th largest position. HITE Hedge Asset Management LLC's holdings in ConocoPhillips were worth $48,695,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 13.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the last quarter. Elevation Point Wealth Partners LLC lifted its holdings in ConocoPhillips by 83.0% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer's stock worth $1,897,000 after purchasing an additional 8,189 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its position in shares of ConocoPhillips by 159.6% during the first quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer's stock worth $5,125,000 after acquiring an additional 30,000 shares during the last quarter. Aberdeen Group plc boosted its holdings in shares of ConocoPhillips by 49.3% during the 1st quarter. Aberdeen Group plc now owns 801,426 shares of the energy producer's stock valued at $83,969,000 after purchasing an additional 264,726 shares during the last quarter. Finally, ORG Wealth Partners LLC grew its holdings in ConocoPhillips by 853.3% during the 1st quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer's stock valued at $698,000 after buying an additional 5,922 shares in the last quarter. Institutional investors own 82.36% of the company's stock.

Insider Activity at ConocoPhillips

In other news, EVP Kirk L. Johnson acquired 5,300 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company's stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips Stock Down 0.3%

Shares of NYSE COP opened at $95.39 on Monday. The stock has a market cap of $119.14 billion, a PE ratio of 12.80, a P/E/G ratio of 2.48 and a beta of 0.67. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a 50-day moving average of $93.61 and a 200 day moving average of $93.35.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%. The business had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same period in the prior year, the business earned $1.98 earnings per share. The business's revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, August 18th. ConocoPhillips's payout ratio is currently 41.88%.

Analyst Upgrades and Downgrades

COP has been the subject of a number of analyst reports. Piper Sandler reaffirmed an "overweight" rating on shares of ConocoPhillips in a report on Monday. Wells Fargo & Company reissued an "overweight" rating and issued a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a research note on Thursday, June 26th. Royal Bank Of Canada decreased their price objective on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Citigroup dropped their price target 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, Scotiabank raised their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $120.84.

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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