Simplicity Wealth LLC increased its stake in shares of ConocoPhillips (NYSE:COP – Free Report) by 50.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 18,079 shares of the energy producer’s stock after buying an additional 6,031 shares during the period. Simplicity Wealth LLC’s holdings in ConocoPhillips were worth $1,879,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC raised its stake in shares of ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of ConocoPhillips during the fourth quarter worth approximately $25,000. Ballast Advisors LLC bought a new stake in shares of ConocoPhillips during the first quarter valued at approximately $36,000. Evergreen Advisors LLC bought a new stake in shares of ConocoPhillips during the first quarter valued at approximately $36,000. Finally, Allied Private Wealth LLC acquired a new stake in shares of ConocoPhillips in the second quarter valued at approximately $32,000. Institutional investors own 82.36% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on COP shares. Zacks Research cut shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Wells Fargo & Company lifted their target price on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Freedom Capital upgraded ConocoPhillips from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Scotiabank upped their price target on ConocoPhillips from $100.00 to $125.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Raymond James Financial decreased their price target on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.48.
ConocoPhillips Trading Up 0.7%
Shares of NYSE COP opened at $127.64 on Tuesday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.87. The firm has a market capitalization of $153.34 billion, a P/E ratio of 16.88, a P/E/G ratio of 1.40 and a beta of 0.11. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The company’s 50 day simple moving average is $114.05 and its 200 day simple moving average is $116.92.
ConocoPhillips (NYSE:COP – Get Free Report) last released its earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $2.90 by $0.34. The firm had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business’s quarterly revenue was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 EPS. On average, analysts predict that ConocoPhillips will post 10.05 EPS for the current year.
ConocoPhillips Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.
About ConocoPhillips
ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.
The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.
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