Lakewood Asset Management LLC Has $3.98 Million Stake in ConocoPhillips $COP

Key Points

• Lakewood Asset Management LLC increased its stake in ConocoPhillips by 10% during the second quarter, now holding 44,337 shares worth approximately $3.98 million.
• The company reported an EPS of $1.42 for its recent quarter, exceeding estimates and showing a 4.3% year-over-year revenue increase.
• ConocoPhillips also announced a quarterly dividend of $0.78, translating to an annualized dividend yield of 3.2%, with a payout ratio of 41.88%.

Lakewood Asset Management LLC increased its position in ConocoPhillips (NYSE:COP - Free Report) by 10.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 44,337 shares of the energy producer's stock after purchasing an additional 4,035 shares during the period. ConocoPhillips comprises about 2.7% of Lakewood Asset Management LLC's investment portfolio, making the stock its 11th biggest holding. Lakewood Asset Management LLC's holdings in ConocoPhillips were worth $3,979,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COP. Financial Network Wealth Advisors LLC boosted its stake in ConocoPhillips by 341.5% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer's stock worth $30,000 after purchasing an additional 222 shares during the period. Stone House Investment Management LLC acquired a new position in ConocoPhillips in the 1st quarter worth approximately $31,000. Garde Capital Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at $35,000. IMA Advisory Services Inc. acquired a new stake in shares of ConocoPhillips during the 1st quarter valued at $37,000. Finally, Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of ConocoPhillips by 418.6% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 363 shares of the energy producer's stock valued at $38,000 after buying an additional 293 shares during the period. Institutional investors and hedge funds own 82.36% of the company's stock.

ConocoPhillips Stock Performance

Shares of COP opened at $98.47 on Friday. The company has a market capitalization of $122.98 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.59 and a beta of 0.69. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. The company's fifty day moving average price is $94.85 and its 200 day moving average price is $93.02.

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

ConocoPhillips Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COP. BMO Capital Markets lifted their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Melius began coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a "hold" rating and a $117.00 target price for the company. Mizuho cut their price target on shares of ConocoPhillips from $125.00 to $120.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Piper Sandler raised their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Finally, UBS Group raised their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $120.14.

ConocoPhillips 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.

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