Cherokee Insurance Co Takes Position in ConocoPhillips $COP

Cherokee Insurance Co bought a new stake in ConocoPhillips (NYSE:COP) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 46,200 shares of the energy producer’s stock, valued at approximately $4,146,000. ConocoPhillips accounts for 1.8% of Cherokee Insurance Co’s investment portfolio, making the stock its 18th largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC raised its position in shares of ConocoPhillips by 136.8% in the second quarter. Bogart Wealth LLC now owns 315 shares of the energy producer’s stock worth $28,000 after acquiring an additional 182 shares during the period. Activest Wealth Management raised its holdings in ConocoPhillips by 249.5% in the 2nd quarter. Activest Wealth Management now owns 325 shares of the energy producer’s stock worth $29,000 after purchasing an additional 232 shares during the period. Financial Network Wealth Advisors LLC boosted its position in ConocoPhillips by 341.5% during the first quarter. Financial Network Wealth Advisors LLC now owns 287 shares of the energy producer’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Stone House Investment Management LLC acquired a new stake in ConocoPhillips in the first quarter valued at approximately $31,000. Finally, IMA Advisory Services Inc. acquired a new stake in ConocoPhillips in the first quarter valued at approximately $37,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on COP. Melius Research started coverage on ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price for the company. Evercore ISI cut their price target on shares of ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a report on Monday, October 6th. Capital One Financial increased their price objective on shares of ConocoPhillips from $111.00 to $112.00 in a report on Friday, October 3rd. Raymond James Financial cut their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, September 8th. Finally, Susquehanna reduced their price target on shares of ConocoPhillips to $113.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Eighteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average target price of $115.33.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $89.00 on Thursday. The firm has a 50-day simple moving average of $91.08 and a 200-day simple moving average of $91.96. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $109.97 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 2.36 and a beta of 0.58. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $115.38.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, November 6th. The energy producer reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The firm had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.51 billion. During the same period in the previous year, the business posted $1.78 earnings per share. ConocoPhillips’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, November 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 47.52%.

Insider Activity

In related news, Director William H. Mcraven purchased 5,768 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $86.68 per share, with a total value of $499,970.24. Following the completion of the acquisition, the director owned 5,768 shares in the company, valued at $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.24% of the stock is owned by company insiders.

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.