Kingsview Wealth Management LLC Buys New Position in ConocoPhillips $COP

Key Points

• Kingsview Wealth Management purchased 36,110 ConocoPhillips shares in the second quarter, valued at approximately $3.75 million. Other institutions also initiated positions, and institutional investors now own 82.36% of the company.
• Analysts maintain a generally positive outlook, with ConocoPhillips receiving a consensus “Moderate Buy” rating and an average price target of $140.29, although several firms recently adjusted their targets or ratings.
• ConocoPhillips reported quarterly EPS of $3.24, exceeding estimates, while revenue rose 32.4% year over year to $19.52 billion. The company also declared a quarterly dividend of $0.84 per share, equivalent to a 2.6% annual yield.

Kingsview Wealth Management LLC purchased a new position in shares of ConocoPhillips (NYSE:COP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 36,110 shares of the energy producer's stock, valued at approximately $3,754,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Beacon Pointe Advisors LLC acquired a new stake in ConocoPhillips in the second quarter valued at approximately $7,832,000. Kimelman & Baird LLC purchased a new stake in shares of ConocoPhillips during the second quarter valued at approximately $712,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of ConocoPhillips during the second quarter worth $522,000. 49 Wealth Management LLC acquired a new position in shares of ConocoPhillips during the second quarter worth $226,000. Finally, Rakuten Investment Management Inc. purchased a new position in shares of ConocoPhillips in the second quarter valued at $20,788,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Insider Activity

In other news, SVP Andrew D. Lundquist sold 9,487 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president owned 9,593 shares of the company's stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets lowered their price target on shares of ConocoPhillips from $140.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Truist Financial boosted their price objective on shares of ConocoPhillips from $115.00 to $130.00 and gave the stock a "hold" rating in a report on Monday, August 10th. Raymond James Financial reissued an "underperform" rating and issued a $168.00 price objective on shares of ConocoPhillips in a research report on Monday, August 24th. Mizuho lowered their target price on ConocoPhillips from $150.00 to $146.00 and set an "outperform" rating for the company in a research note on Tuesday, July 7th. Finally, Zacks Research lowered ConocoPhillips from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, ConocoPhillips has an average rating of "Moderate Buy" and a consensus target price of $140.29.

ConocoPhillips Stock Up 0.7%

COP stock opened at $130.46 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The firm has a 50 day simple moving average of $117.42 and a 200-day simple moving average of $118.56. The company has a market capitalization of $156.73 billion, a P/E ratio of 17.26, a PEG ratio of 1.37 and a beta of 0.11. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.88.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The firm had revenue of $19.52 billion for the quarter, compared to analysts' expectations of $18.79 billion. During the same period in the prior year, the company posted $1.42 earnings per share. The firm's quarterly revenue was up 32.4% on a year-over-year basis. On average, equities research analysts predict that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips's dividend payout ratio is 44.44%.

ConocoPhillips Company Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

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