Precedent Wealth Partners LLC Invests $1.62 Million in ConocoPhillips (NYSE:COP)

Precedent Wealth Partners LLC purchased a new stake in shares of ConocoPhillips (NYSE:COP - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,396 shares of the energy producer's stock, valued at approximately $1,617,000.

Several other institutional investors and hedge funds have also recently modified their holdings of COP. Vanguard Group Inc. grew its holdings in shares of ConocoPhillips by 11.7% in the fourth quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer's stock valued at $12,081,491,000 after purchasing an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of ConocoPhillips by 13.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer's stock worth $4,546,706,000 after buying an additional 5,549,078 shares in the last quarter. Invesco Ltd. raised its position in shares of ConocoPhillips by 37.1% during the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer's stock valued at $1,544,101,000 after buying an additional 4,211,939 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ConocoPhillips by 13.7% in the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer's stock valued at $2,792,521,000 after acquiring an additional 3,397,360 shares during the last quarter. Finally, Northern Trust Corp grew its position in ConocoPhillips by 27.6% in the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock worth $1,364,364,000 after acquiring an additional 2,971,661 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Raymond James reaffirmed an "outperform" rating and set a $109.00 price objective (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Bank of America cut their price target on shares of ConocoPhillips from $107.00 to $106.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Susquehanna decreased their price objective on shares of ConocoPhillips from $120.00 to $114.00 and set a "positive" rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. dropped their target price on ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reduced their price target on ConocoPhillips from $120.00 to $115.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of "Moderate Buy" and a consensus price target of $121.30.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock traded down $1.93 on Monday, hitting $95.03. 10,261,996 shares of the company were exchanged, compared to its average volume of 7,497,160. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average price of $88.91 and a 200 day moving average price of $95.79. The stock has a market capitalization of $120.13 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $118.40.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, beating 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 company had revenue of $16.18 billion during the quarter, compared to analysts' expectations of $15.74 billion. During the same period in the prior year, the business earned $2.05 EPS. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Monday, May 19th. ConocoPhillips's dividend payout ratio (DPR) is presently 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.