Weiss Asset Management LP Invests $11.13 Million in ConocoPhillips $COP

Key Points

• Weiss Asset Management LP initiated a new position in ConocoPhillips in the first quarter, buying 84,300 shares valued at about $11.13 million.
• Institutional interest in COP remains strong, with several other hedge funds and investors also adding stakes; overall, 82.36% of the stock is owned by institutions and hedge funds.
• Analysts are mixed but mostly positive: COP has an average rating of “Moderate Buy” with a consensus price target of $134.16, while the company also recently beat earnings estimates and pays a quarterly dividend of $0.84 per share.

Weiss Asset Management LP bought a new stake in ConocoPhillips (NYSE:COP - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 84,300 shares of the energy producer's stock, valued at approximately $11,128,000.

Several other institutional investors and hedge funds have also modified their holdings of COP. Frazier Financial Advisors LLC raised its position in ConocoPhillips by 151.0% in the 1st quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer's stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of ConocoPhillips during the fourth quarter worth $25,000. Evergreen Advisors LLC bought a new stake in shares of ConocoPhillips during the first quarter worth $36,000. Strive Asset Management LLC acquired a new stake in shares of ConocoPhillips in the third quarter valued at $28,000. Finally, Avalon Trust Co acquired a new stake in shares of ConocoPhillips in the first quarter valued at $40,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COP has been the subject of a number of research analyst reports. Barclays lifted their price target on ConocoPhillips from $136.00 to $155.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Argus raised their price objective on shares of ConocoPhillips from $128.00 to $136.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Royal Bank Of Canada set a $130.00 target price on shares of ConocoPhillips in a research note on Monday, June 22nd. Raymond James Financial reduced their target price on shares of ConocoPhillips from $145.00 to $142.00 and set an "outperform" rating on the stock in a research report on Monday, June 1st. Finally, Truist Financial decreased their price target on shares of ConocoPhillips from $128.00 to $115.00 and set a "hold" rating on the stock in a research note on Wednesday, July 8th. Eighteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $134.16.

ConocoPhillips Trading Up 0.1%

Shares of COP opened at $120.30 on Friday. The stock's fifty day simple moving average is $113.50 and its 200-day simple moving average is $114.23. The firm has a market capitalization of $146.56 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 1.45 and a beta of 0.12. ConocoPhillips has a 12-month low of $85.57 and a 12-month high of $135.87. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 EPS for the quarter, topping analysts' consensus estimates of $1.72 by $0.17. The firm had revenue of $15.76 billion during the quarter, compared to analyst estimates of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The company's revenue was down 6.1% on a year-over-year basis. During the same period last year, the company earned $2.09 earnings per share. As a group, research analysts predict that ConocoPhillips will post 9.2 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were given a dividend of $0.84 per share. The ex-dividend date was Monday, May 11th. This represents a $3.36 annualized dividend and a dividend yield of 2.8%. ConocoPhillips's payout ratio is currently 57.05%.

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.

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