Envestnet Asset Management Inc. Acquires 109,417 Shares of ConocoPhillips $COP

Envestnet Asset Management Inc. raised its holdings in ConocoPhillips (NYSE:COP) by 4.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,716,324 shares of the energy producer’s stock after buying an additional 109,417 shares during the period. Envestnet Asset Management Inc.’s holdings in ConocoPhillips were worth $243,749,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Tritonpoint Wealth LLC lifted its holdings in shares of ConocoPhillips by 1.3% in the 2nd quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after buying an additional 110 shares during the period. Iowa State Bank lifted its holdings in shares of ConocoPhillips by 0.5% in the 2nd quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after buying an additional 110 shares during the period. First National Bank Sioux Falls lifted its holdings in shares of ConocoPhillips by 4.6% in the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock worth $231,000 after buying an additional 113 shares during the period. KLCM Advisors Inc. lifted its holdings in shares of ConocoPhillips by 2.6% in the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock worth $473,000 after buying an additional 115 shares during the period. Finally, Fairvoy Private Wealth LLC lifted its holdings in shares of ConocoPhillips by 3.5% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer’s stock worth $314,000 after buying an additional 117 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 0.8%

Shares of NYSE:COP opened at $88.71 on Tuesday. The business’s 50-day moving average is $93.22 and its 200 day moving average is $91.96. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38. The firm has a market capitalization of $110.79 billion, a P/E ratio of 11.91, a P/E/G ratio of 2.35 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period in the prior year, the company posted $1.98 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.5%. ConocoPhillips’s dividend payout ratio is currently 41.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group lowered their target price on ConocoPhillips from $124.00 to $122.00 and set a “buy” rating for the company in a report on Monday, October 13th. Melius Research started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective for the company. Evercore ISI decreased their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Monday, October 6th. Piper Sandler decreased their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a research note on Monday, October 13th. Finally, Morgan Stanley decreased their price objective on ConocoPhillips from $123.00 to $122.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Eighteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $115.63.

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.