TBH Global Asset Management LLC Raises Stake in ConocoPhillips (NYSE:COP)

TBH Global Asset Management LLC lifted its position in shares of ConocoPhillips (NYSE:COP) by 50.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,596 shares of the energy producer’s stock after buying an additional 8,638 shares during the quarter. TBH Global Asset Management LLC’s holdings in ConocoPhillips were worth $2,688,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $26,000. 10Elms LLP purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $28,000. Crowley Wealth Management Inc. purchased a new stake in shares of ConocoPhillips during the fourth quarter worth about $32,000. Garde Capital Inc. purchased a new stake in shares of ConocoPhillips during the first quarter worth about $35,000. Finally, Rakuten Securities Inc. grew its holdings in shares of ConocoPhillips by 222.0% during the fourth quarter. Rakuten Securities Inc. now owns 380 shares of the energy producer’s stock worth $38,000 after buying an additional 262 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Down 0.8%

Shares of COP stock opened at $90.20 on Friday. The stock has a market cap of $114.03 billion, a price-to-earnings ratio of 11.46, a price-to-earnings-growth ratio of 2.44 and a beta of 0.61. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $118.40. The firm’s 50 day moving average price is $89.96 and its two-hundred day moving average price is $95.02.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. 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 company posted $2.05 earnings per share. On average, analysts anticipate that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a dividend of $0.78 per share. 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 3.46%. ConocoPhillips’s payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on COP. Raymond James Financial reiterated an “outperform” rating and set a $109.00 price target (up from $103.00) on shares of ConocoPhillips in a report on Tuesday, May 20th. Piper Sandler lowered their target price on shares of ConocoPhillips from $114.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Susquehanna lowered their target price on shares of ConocoPhillips from $120.00 to $114.00 and set a “positive” rating for the company in a report on Monday, May 12th. Royal Bank Of Canada lowered their target price on shares of ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Finally, Bank of America lowered their target price on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $121.50.

Insider Transactions at ConocoPhillips

In other news, EVP Kirk L. Johnson bought 5,300 shares of ConocoPhillips stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, with a total value of $499,472.00. Following the completion of the transaction, the executive vice president now owns 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

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.