Patriot Financial Group Insurance Agency LLC Raises Stock Position in ConocoPhillips $COP

Key Points

• Patriot Financial Group Insurance Agency LLC increased its holdings in ConocoPhillips by 16.8%, owning a total of 24,864 shares valued at approximately $2.23 million after acquiring an additional 3,580 shares.
• ConocoPhillips reported quarterly earnings of $1.42 per share, exceeding the consensus estimate and showcasing a 15.26% net margin with a 4.3% revenue increase year-over-year.
• The energy company recently declared a $0.78 quarterly dividend with a current yield of 3.3%, reflecting a payout ratio of 41.88%.

Patriot Financial Group Insurance Agency LLC boosted its position in shares of ConocoPhillips (NYSE:COP - Free Report) by 16.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,864 shares of the energy producer's stock after purchasing an additional 3,580 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in ConocoPhillips were worth $2,231,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of COP. Charles Schwab Investment Management Inc. increased its position 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 acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new stake in shares of ConocoPhillips in the 1st quarter valued at approximately $658,981,000. AQR Capital Management LLC raised its stake in shares of ConocoPhillips by 190.5% in the 1st quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer's stock valued at $484,539,000 after acquiring an additional 3,058,505 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock valued at $942,297,000 after acquiring an additional 2,080,625 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of ConocoPhillips by 53.8% in the 1st quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer's stock valued at $550,334,000 after acquiring an additional 1,834,118 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Down 2.1%

COP stock opened at $93.45 on Friday. The company has a fifty day moving average price of $94.94 and a 200 day moving average price of $92.96. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The company has a market cap of $116.71 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 2.51 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

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

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips's payout ratio is currently 41.88%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Susquehanna decreased their target price on ConocoPhillips from $114.00 to $113.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. UBS Group lifted their price objective on shares of ConocoPhillips from $116.00 to $124.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Raymond James Financial dropped their price objective on shares of ConocoPhillips from $117.00 to $115.00 and set an "outperform" rating for the company in a report on Monday, September 8th. Finally, Roth Capital restated a "buy" rating on shares of ConocoPhillips in a report on Wednesday, September 3rd. Sixteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $120.14.

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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