Parcion Private Wealth LLC Grows Position in ConocoPhillips (NYSE:COP)

Parcion Private Wealth LLC raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 32.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,536 shares of the energy producer's stock after purchasing an additional 4,495 shares during the quarter. Parcion Private Wealth LLC's holdings in ConocoPhillips were worth $1,947,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in shares of ConocoPhillips by 11.6% during the 1st quarter. Victory Capital Management Inc. now owns 2,023,768 shares of the energy producer's stock worth $212,536,000 after acquiring an additional 210,686 shares during the last quarter. Bridgewater Advisors Inc. bought a new stake in ConocoPhillips in the 1st quarter valued at $365,000. Tectonic Advisors LLC boosted its stake in ConocoPhillips by 12.3% in the 1st quarter. Tectonic Advisors LLC now owns 6,943 shares of the energy producer's stock valued at $729,000 after purchasing an additional 763 shares during the period. Larson Financial Group LLC raised its holdings in ConocoPhillips by 14.4% in the 1st quarter. Larson Financial Group LLC now owns 32,000 shares of the energy producer's stock valued at $3,361,000 after acquiring an additional 4,022 shares in the last quarter. Finally, PAX Financial Group LLC increased its holdings in ConocoPhillips by 10.2% in the 1st quarter. PAX Financial Group LLC now owns 3,162 shares of the energy producer's stock valued at $332,000 after buying an additional 293 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

COP has been the subject of a number of research analyst reports. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Raymond James Financial reaffirmed an "outperform" rating and issued a $109.00 price objective (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Citigroup reduced their price objective on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Morgan Stanley reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of ConocoPhillips in a research note on Tuesday. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $123.00 price objective (up from $113.00) on shares of ConocoPhillips in a research note on Tuesday. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $122.21.

Insider Activity

In related news, EVP Kirk L. Johnson bought 5,300 shares of the company's stock in a transaction on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president directly owned 14,527 shares in the company, valued at approximately $1,369,024.48. The trade was a 57.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

ConocoPhillips Stock Performance

Shares of COP stock traded down $0.99 during trading on Friday, hitting $91.82. The company's stock had a trading volume of 2,136,919 shares, compared to its average volume of 7,617,591. The company has a market cap of $116.07 billion, a PE ratio of 11.65, a P/E/G ratio of 2.45 and a beta of 0.61. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The business has a fifty day moving average of $90.97 and a 200-day moving average of $94.66. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. The company had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter in the prior year, the company earned $2.05 EPS. As a group, research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.40%. ConocoPhillips's dividend payout ratio is currently 39.64%.

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.