Woodline Partners LP Invests $7.70 Million in ConocoPhillips (NYSE:COP)

Woodline Partners LP purchased a new stake in ConocoPhillips (NYSE:COP - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,683 shares of the energy producer's stock, valued at approximately $7,704,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Zurich Insurance Group Ltd FI purchased a new position in shares of ConocoPhillips during the fourth quarter worth approximately $33,500,000. Vident Advisory LLC lifted its holdings in shares of ConocoPhillips by 33.1% during the fourth quarter. Vident Advisory LLC now owns 37,899 shares of the energy producer's stock worth $3,759,000 after purchasing an additional 9,418 shares during the period. Visionary Wealth Advisors lifted its holdings in shares of ConocoPhillips by 29.9% during the fourth quarter. Visionary Wealth Advisors now owns 6,049 shares of the energy producer's stock worth $600,000 after purchasing an additional 1,394 shares during the period. Westwood Holdings Group Inc. lifted its holdings in shares of ConocoPhillips by 37.0% during the fourth quarter. Westwood Holdings Group Inc. now owns 163,301 shares of the energy producer's stock worth $16,195,000 after purchasing an additional 44,119 shares during the period. Finally, Wexford Capital LP acquired a new stake in shares of ConocoPhillips during the fourth quarter worth $621,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of NYSE COP traded down $0.14 during midday trading on Wednesday, reaching $85.41. 2,285,790 shares of the company traded hands, compared to its average volume of 8,361,808. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40. The stock has a 50-day moving average price of $91.49 and a 200 day moving average price of $97.89. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. The company has a market cap of $107.97 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 0.79 and a beta of 0.64.

ConocoPhillips (NYSE:COP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. The business had revenue of $16.18 billion for the quarter, compared to analysts' expectations of $15.74 billion. During the same period in the previous year, the business earned $2.05 earnings per share. Sell-side analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $3.12 annualized dividend and a yield of 3.65%. ConocoPhillips's dividend payout ratio (DPR) is presently 39.64%.

Analyst Ratings Changes

Several brokerages recently weighed in on COP. Morgan Stanley increased their price target on ConocoPhillips from $116.00 to $118.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Piper Sandler decreased their price target on ConocoPhillips from $114.00 to $107.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group set a $132.00 price target on ConocoPhillips in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their target price on ConocoPhillips from $127.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Barclays reduced their target price on ConocoPhillips from $135.00 to $120.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $121.89.

ConocoPhillips 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.