ProVise Management Group LLC raised its stake in ConocoPhillips (NYSE:COP - Free Report) by 16.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,150 shares of the energy producer's stock after purchasing an additional 12,815 shares during the period. ProVise Management Group LLC's holdings in ConocoPhillips were worth $9,678,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Alberta Investment Management Corp acquired a new position in ConocoPhillips during the first quarter worth about $3,229,000. Nicolet Advisory Services LLC grew its position in shares of ConocoPhillips by 10.1% during the 1st quarter. Nicolet Advisory Services LLC now owns 9,748 shares of the energy producer's stock worth $1,024,000 after buying an additional 897 shares during the period. Shufro Rose & Co. LLC grew its position in shares of ConocoPhillips by 8.8% during the 1st quarter. Shufro Rose & Co. LLC now owns 14,811 shares of the energy producer's stock worth $1,555,000 after buying an additional 1,195 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of ConocoPhillips by 43.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 18,595 shares of the energy producer's stock worth $1,953,000 after purchasing an additional 5,628 shares in the last quarter. Finally, MGO One Seven LLC lifted its holdings in shares of ConocoPhillips by 2.2% in the 1st quarter. MGO One Seven LLC now owns 21,494 shares of the energy producer's stock worth $2,257,000 after purchasing an additional 457 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Barclays dropped their price objective on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Citigroup reduced their target price on ConocoPhillips from $140.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Royal Bank Of Canada reduced their target price on ConocoPhillips from $115.00 to $113.00 and set an "outperform" rating for the company in a report on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and set a $117.00 price objective (up previously from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Finally, UBS Group boosted their target price on ConocoPhillips from $111.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, ConocoPhillips currently has an average rating of "Moderate Buy" and an average target price of $121.33.
Get Our Latest Analysis on COP
Insider Buying and Selling
In related news, EVP Kirk L. Johnson purchased 5,300 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.24% of the company's stock.
ConocoPhillips Stock Down 2.7%
Shares of COP traded down $2.59 during trading hours on Friday, hitting $92.75. The company had a trading volume of 6,348,613 shares, compared to its average volume of 5,417,085. The company has a market capitalization of $117.25 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 2.41 and a beta of 0.67. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08. The company's fifty day moving average price is $91.97 and its two-hundred day moving average price is $94.07.
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, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. During the same quarter in the previous year, the business earned $2.05 EPS. As a group, equities analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.
ConocoPhillips Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips's dividend payout ratio is currently 39.64%.
ConocoPhillips Profile
(
Free Report)
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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