Opal Wealth Advisors LLC Increases Stock Holdings in ConocoPhillips (NYSE:COP)

Opal Wealth Advisors LLC grew its position in ConocoPhillips (NYSE:COP) by 17.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,754 shares of the energy producer’s stock after buying an additional 411 shares during the quarter. Opal Wealth Advisors LLC’s holdings in ConocoPhillips were worth $289,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in COP. Tallon Kerry Patrick acquired a new stake in shares of ConocoPhillips during the fourth quarter valued at $511,000. Naples Global Advisors LLC boosted its stake in shares of ConocoPhillips by 11.2% during the fourth quarter. Naples Global Advisors LLC now owns 15,902 shares of the energy producer’s stock valued at $1,577,000 after acquiring an additional 1,607 shares during the last quarter. Ingalls & Snyder LLC boosted its stake in shares of ConocoPhillips by 10.6% during the fourth quarter. Ingalls & Snyder LLC now owns 14,804 shares of the energy producer’s stock valued at $1,468,000 after acquiring an additional 1,417 shares during the last quarter. Sawgrass Asset Management LLC boosted its stake in shares of ConocoPhillips by 15.7% during the fourth quarter. Sawgrass Asset Management LLC now owns 2,851 shares of the energy producer’s stock valued at $283,000 after acquiring an additional 387 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in shares of ConocoPhillips by 11.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 519,371 shares of the energy producer’s stock valued at $50,345,000 after acquiring an additional 54,196 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Morgan Stanley increased their price objective on ConocoPhillips from $116.00 to $118.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Raymond James reissued an “outperform” rating and issued a $109.00 price target (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Royal Bank of Canada decreased their price target on ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Piper Sandler decreased their price target on ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company decreased their price target on ConocoPhillips from $116.00 to $113.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 14th. Three equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, ConocoPhillips presently has an average rating of “Moderate Buy” and an average price target of $121.30.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $97.00 on Friday. The stock’s 50-day moving average is $88.91 and its 200-day moving average is $95.95. The company has a market cap of $122.63 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.29 and a quick ratio of 1.14. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $118.40.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. The company had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. During the same period last year, the business posted $2.05 EPS. Equities analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.22%. ConocoPhillips’s dividend payout ratio (DPR) is 39.64%.

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.