Texas Capital Bank Wealth Management Services Inc Acquires 21,151 Shares of ConocoPhillips $COP

Key Points

• Texas Capital Bank Wealth Management Services increased its ConocoPhillips stake by 35.1% in the second quarter, adding 21,151 shares for a total of 81,430 shares valued at approximately $8.47 million. Institutional investors collectively own 82.36% of the company.
• Analysts remain broadly positive, with ConocoPhillips receiving a consensus “Moderate Buy” rating and an average price target of $137.48; recent upgrades included Roth Capital, Freedom Capital and Wall Street Zen.
• ConocoPhillips exceeded quarterly expectations, reporting $3.24 in EPS and $19.52 billion in revenue, while revenue grew 32.4% year over year. The company also declared a quarterly dividend of $0.84 per share, yielding about 2.6% annually.

Texas Capital Bank Wealth Management Services Inc raised its holdings in ConocoPhillips (NYSE:COP - Free Report) by 35.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 81,430 shares of the energy producer's stock after purchasing an additional 21,151 shares during the quarter. Texas Capital Bank Wealth Management Services Inc's holdings in ConocoPhillips were worth $8,465,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of ConocoPhillips during the 4th quarter worth $25,000. Strive Asset Management LLC bought a new position in ConocoPhillips in the third quarter valued at about $28,000. Frazier Financial Advisors LLC grew its position in ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after acquiring an additional 145 shares during the last quarter. Allied Private Wealth LLC acquired a new position in ConocoPhillips during the second quarter worth about $32,000. Finally, BNP Paribas acquired a new position in ConocoPhillips during the second quarter worth about $33,000. Institutional investors own 82.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on COP. Roth Capital upgraded shares of ConocoPhillips from a "neutral" rating to a "buy" rating and raised their price target for the company from $124.00 to $130.00 in a research note on Monday, June 22nd. Freedom Capital upgraded shares of ConocoPhillips from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. Wall Street Zen raised shares of ConocoPhillips from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Morgan Stanley restated an "overweight" rating and issued a $147.00 target price on shares of ConocoPhillips in a research report on Friday, August 7th. Finally, Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of "Moderate Buy" and an average price target of $137.48.

ConocoPhillips Stock Performance

NYSE:COP opened at $129.82 on Wednesday. The stock has a market cap of $155.96 billion, a P/E ratio of 17.17, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. The stock's 50-day moving average is $114.31 and its 200-day moving average is $117.12. ConocoPhillips has a 1-year low of $85.57 and a 1-year high of $135.87.

ConocoPhillips (NYSE:COP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. The company had revenue of $19.52 billion during the quarter, compared to the consensus estimate of $18.79 billion. ConocoPhillips had a return on equity of 14.72% and a net margin of 14.22%.The firm's revenue was up 32.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 earnings per share. Equities research analysts anticipate that ConocoPhillips will post 10.05 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips's dividend payout ratio is 44.44%.

ConocoPhillips Profile

ConocoPhillips NYSE: COP is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company's activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source