Pacific Heights Asset Management LLC Increases Stock Position in ConocoPhillips $COP

Key Points

• Pacific Heights Asset Management LLC increased its stake in ConocoPhillips by 14.3%, now holding 200,000 shares valued at approximately $17.95 million.
• Several institutional investors have also boosted their positions in ConocoPhillips during the second quarter, with Cookson Peirce increasing by 27.2% and Brookstone Capital by 95.5%.
• Analysts have mixed views on the stock, with price targets ranging from $100 to $122, indicating a consensus rating of "Moderate Buy" overall.

Pacific Heights Asset Management LLC grew its stake in shares of ConocoPhillips (NYSE:COP - Free Report) by 14.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 200,000 shares of the energy producer's stock after acquiring an additional 25,000 shares during the quarter. Pacific Heights Asset Management LLC's holdings in ConocoPhillips were worth $17,948,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Cookson Peirce & Co. Inc. boosted its holdings in shares of ConocoPhillips by 27.2% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 8,631 shares of the energy producer's stock valued at $775,000 after acquiring an additional 1,848 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of ConocoPhillips by 95.5% during the 2nd quarter. Brookstone Capital Management now owns 24,851 shares of the energy producer's stock valued at $2,230,000 after acquiring an additional 12,137 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of ConocoPhillips by 0.9% during the 2nd quarter. D.A. Davidson & CO. now owns 125,627 shares of the energy producer's stock valued at $11,274,000 after acquiring an additional 1,176 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of ConocoPhillips by 2.4% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 234,928 shares of the energy producer's stock valued at $21,082,000 after acquiring an additional 5,410 shares during the last quarter. Finally, IMG Wealth Management Inc. purchased a new stake in shares of ConocoPhillips during the 2nd quarter valued at about $133,000. Hedge funds and other institutional investors own 82.36% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Scotiabank raised their price target on shares of ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a report on Friday, July 11th. UBS Group lowered their price objective on shares of ConocoPhillips from $124.00 to $122.00 and set a "buy" rating on the stock in a research note on Monday, October 13th. Piper Sandler lowered their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, October 13th. Royal Bank Of Canada increased their price objective on shares of ConocoPhillips from $113.00 to $118.00 and gave the stock an "outperform" rating in a research note on Monday, October 13th. Finally, Wall Street Zen cut shares of ConocoPhillips from a "hold" rating to a "sell" rating in a research note on Saturday. Eighteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $115.63.

ConocoPhillips Price Performance

NYSE COP opened at $86.39 on Wednesday. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38. The stock has a market cap of $107.90 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 2.30 and a beta of 0.62. The company's 50 day moving average is $93.75 and its two-hundred day moving average is $91.88. 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 (NYSE:COP - Get Free Report) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 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 company had revenue of $14.94 billion for the quarter, compared to analysts' expectations of $14.39 billion. During the same quarter last year, the business earned $1.98 EPS. The firm's revenue was up 4.3% compared to the same quarter last year. As a group, research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a yield of 3.6%. ConocoPhillips's dividend payout ratio (DPR) is presently 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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