Merit Financial Group LLC Increases Stake in ConocoPhillips (NYSE:COP)

Merit Financial Group LLC raised its holdings in shares of ConocoPhillips (NYSE:COP - Free Report) by 89.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,174 shares of the energy producer's stock after purchasing an additional 25,097 shares during the period. Merit Financial Group LLC's holdings in ConocoPhillips were worth $5,584,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of COP. Murphy & Mullick Capital Management Corp bought a new position in ConocoPhillips in the fourth quarter worth about $26,000. Centricity Wealth Management LLC bought a new position in ConocoPhillips in the fourth quarter worth $27,000. 10Elms LLP purchased a new position in ConocoPhillips during the fourth quarter valued at $28,000. Crowley Wealth Management Inc. bought a new stake in shares of ConocoPhillips during the 4th quarter valued at $32,000. Finally, Wingate Wealth Advisors Inc. purchased a new stake in shares of ConocoPhillips in the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

ConocoPhillips Stock Performance

NYSE:COP traded down $0.67 during trading hours on Thursday, reaching $85.28. The company had a trading volume of 5,109,337 shares, compared to its average volume of 7,383,253. The firm has a market cap of $107.80 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 0.79 and a beta of 0.61. 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 firm's 50 day moving average price is $89.50 and its 200-day moving average price is $96.91. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. The business had revenue of $16.18 billion for the quarter, compared to analysts' expectations of $15.74 billion. During the same period last year, the firm posted $2.05 earnings per share. On average, analysts forecast that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.66%. ConocoPhillips's payout ratio is presently 39.64%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on COP shares. JPMorgan Chase & Co. dropped their price objective on shares of ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Mizuho lowered their target price on shares of ConocoPhillips from $127.00 to $125.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Susquehanna cut their price target on ConocoPhillips from $120.00 to $114.00 and set a "positive" rating on the stock in a research note on Monday, May 12th. UBS Group lowered their price objective on ConocoPhillips from $116.00 to $111.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, Bank of America dropped their target price on ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.63.

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.