ConocoPhillips (NYSE:COP) Stake Boosted by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP raised its stake in ConocoPhillips (NYSE:COP) by 2.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 42,353 shares of the energy producer’s stock after buying an additional 998 shares during the quarter. Baker Avenue Asset Management LP’s holdings in ConocoPhillips were worth $4,448,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the period. Elevation Point Wealth Partners LLC grew its holdings in ConocoPhillips by 83.0% during the first quarter. Elevation Point Wealth Partners LLC now owns 18,060 shares of the energy producer’s stock worth $1,897,000 after acquiring an additional 8,189 shares during the period. Schwartz Investment Counsel Inc. increased its stake in ConocoPhillips by 159.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 48,800 shares of the energy producer’s stock worth $5,125,000 after purchasing an additional 30,000 shares in the last quarter. ORG Wealth Partners LLC boosted its holdings in shares of ConocoPhillips by 853.3% in the first quarter. ORG Wealth Partners LLC now owns 6,616 shares of the energy producer’s stock worth $698,000 after buying an additional 5,922 shares during the period. Finally, Hennessy Advisors Inc. boosted its holdings in shares of ConocoPhillips by 151.1% in the first quarter. Hennessy Advisors Inc. now owns 91,224 shares of the energy producer’s stock worth $9,580,000 after buying an additional 54,900 shares during the period. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Trading Down 2.7%

Shares of COP stock opened at $92.75 on Friday. The firm has a market capitalization of $117.25 billion, a P/E ratio of 11.79, a P/E/G ratio of 2.48 and a beta of 0.67. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $116.08. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The stock’s fifty day simple moving average is $91.97 and its 200 day simple moving average is $94.15.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating the consensus estimate of $2.05 by $0.04. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. The company had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. During the same quarter in the prior year, the company earned $2.05 EPS. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.4%. ConocoPhillips’s dividend payout ratio is 39.64%.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, EVP Kirk L. Johnson purchased 5,300 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was bought 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 owned 14,527 shares of the company’s stock, valued at $1,369,024.48. The trade was a 57.44% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.24% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on COP shares. Mizuho lowered their target price on ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Royal Bank Of Canada lowered their price target on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, July 11th. Morgan Stanley restated an “overweight” rating and issued a $119.00 target price on shares of ConocoPhillips in a report on Tuesday, July 15th. Barclays cut their price target on ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $123.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.33.

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.