Novem Group Has $4.50 Million Stock Position in ConocoPhillips $COP

Key Points

• Novem Group increased its stake in ConocoPhillips by 7.3% during Q2 2023, now holding approximately $4.50 million worth of shares.
• Several institutional investors also significantly boosted their holdings in ConocoPhillips, with Charles Schwab Investment Management increasing its stake by 379.7% in Q1 2023.
• ConocoPhillips recently announced a quarterly dividend of $0.78 per share, which translates to an annualized yield of 3.2% based on its current payout ratio of 41.88%.

Novem Group grew its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 7.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,098 shares of the energy producer's stock after purchasing an additional 3,404 shares during the period. Novem Group's holdings in ConocoPhillips were worth $4,496,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in COP. Charles Schwab Investment Management Inc. raised its holdings in shares of ConocoPhillips by 379.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer's stock valued at $4,210,751,000 after purchasing an additional 31,736,423 shares during the period. Nuveen LLC bought a new stake in shares of ConocoPhillips during the first quarter worth about $658,981,000. AQR Capital Management LLC increased its position in shares of ConocoPhillips by 190.5% during the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock worth $484,539,000 after acquiring an additional 3,058,505 shares in the last quarter. GAMMA Investing LLC increased its position in shares of ConocoPhillips by 10,440.1% during the first quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after acquiring an additional 2,936,066 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after acquiring an additional 2,080,625 shares in the last quarter. Institutional investors and hedge funds own 82.36% of the company's stock.

Analyst Ratings Changes

COP has been the subject of several recent research reports. BMO Capital Markets boosted their target price on shares of ConocoPhillips from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Monday. Susquehanna decreased their target price on shares of ConocoPhillips from $114.00 to $113.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Raymond James Financial decreased their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating for the company in a research report on Monday, September 8th. Scotiabank boosted their target price on shares of ConocoPhillips from $95.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, July 11th. Finally, Roth Capital reissued a "buy" rating on shares of ConocoPhillips in a research report on Wednesday, September 3rd. Sixteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $120.14.

ConocoPhillips Trading Up 1.1%

Shares of COP stock opened at $96.72 on Friday. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The company has a 50-day simple moving average of $94.72 and a two-hundred day simple moving average of $93.03. The company has a market capitalization of $120.80 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 2.52 and a beta of 0.69.

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

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's dividend payout ratio is currently 41.88%.

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.

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