Southeast Asset Advisors LLC Purchases New Position in ConocoPhillips $COP

Key Points

• Southeast Asset Advisors LLC has invested approximately $309,000 in ConocoPhillips by acquiring 2,938 shares during the first quarter, according to their recent SEC filing.
• Multiple hedge funds significantly increased their investments in ConocoPhillips, with ORG Wealth Partners LLC raising their stake by an astonishing 853.3%.
• Analysts have mixed opinions on ConocoPhillips, with Citigroup reducing its target price from $140 to $115, while Piper Sandler and Morgan Stanley have raised their target prices and maintained an "overweight" rating.

Southeast Asset Advisors LLC bought a new position in shares of ConocoPhillips (NYSE:COP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,938 shares of the energy producer's stock, valued at approximately $309,000.

Several other large investors also recently modified their holdings of COP. Charles Schwab Investment Management Inc. boosted its stake in ConocoPhillips by 379.7% in 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 buying an additional 31,736,423 shares in the last quarter. Nuveen LLC acquired a new stake in ConocoPhillips in the first quarter valued at about $658,981,000. Northern Trust Corp boosted its stake in ConocoPhillips by 27.6% in the fourth quarter. Northern Trust Corp now owns 13,757,835 shares of the energy producer's stock valued at $1,364,364,000 after buying an additional 2,971,661 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ConocoPhillips by 10,440.1% during the first quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer's stock worth $311,299,000 after acquiring an additional 2,936,066 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of ConocoPhillips by 30.2% during the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer's stock worth $942,297,000 after acquiring an additional 2,080,625 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

Shares of COP traded up $0.61 during midday trading on Friday, reaching $99.06. The stock had a trading volume of 2,899,732 shares, compared to its average volume of 8,005,745. The company has a market capitalization of $123.72 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 2.56 and a beta of 0.67. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company's 50-day moving average is $94.07 and its 200 day moving average is $93.24. 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 announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The firm had revenue of $14.94 billion during the quarter, compared to analyst estimates of $14.39 billion. During the same quarter in the prior year, the company earned $1.98 EPS. The business's revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, August 18th. ConocoPhillips's dividend payout ratio (DPR) is 41.88%.

Insiders Place Their Bets

In related news, EVP Kirk L. Johnson bought 5,300 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president owned 14,527 shares of the company's stock, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.24% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on COP shares. Scotiabank lifted their target price on ConocoPhillips from $95.00 to $100.00 and gave the company a "sector perform" rating in a research report on Friday, July 11th. Melius began coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. Piper Sandler boosted their target price on ConocoPhillips from $123.00 to $124.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial boosted their target price on ConocoPhillips from $109.00 to $117.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Melius Research began coverage on ConocoPhillips in a research note on Wednesday, August 20th. They issued a "hold" rating and a $117.00 target price on the stock. 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.com, ConocoPhillips presently has an average rating of "Moderate Buy" and a consensus target price of $120.95.

About ConocoPhillips

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.