Exchange Traded Concepts LLC Boosts Stock Position in ConocoPhillips (NYSE:COP)

Exchange Traded Concepts LLC grew its stake in ConocoPhillips (NYSE:COP) by 23.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,618 shares of the energy producer’s stock after purchasing an additional 17,329 shares during the period. Exchange Traded Concepts LLC’s holdings in ConocoPhillips were worth $9,751,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in COP. EP Wealth Advisors LLC grew its position in shares of ConocoPhillips by 2.6% in the fourth quarter. EP Wealth Advisors LLC now owns 24,023 shares of the energy producer’s stock valued at $2,788,000 after purchasing an additional 608 shares in the last quarter. Scarborough Advisors LLC lifted its holdings in ConocoPhillips by 5.5% in the fourth quarter. Scarborough Advisors LLC now owns 3,015 shares of the energy producer’s stock valued at $350,000 after acquiring an additional 156 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in ConocoPhillips in the fourth quarter valued at approximately $78,000. Northwest Bank & Trust Co acquired a new position in ConocoPhillips in the fourth quarter valued at approximately $32,000. Finally, Twin Focus Capital Partners LLC acquired a new position in ConocoPhillips in the fourth quarter valued at approximately $235,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on COP shares. Wells Fargo & Company decreased their price objective on ConocoPhillips from $150.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. StockNews.com cut ConocoPhillips from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays decreased their price objective on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Susquehanna decreased their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a research note on Wednesday, September 4th. Finally, Truist Financial decreased their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.12.

Insiders Place Their Bets

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the transaction, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $110.49 on Monday. The firm has a market capitalization of $128.31 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. The business’s fifty day moving average price is $109.06 and its 200 day moving average price is $115.47. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.96 by $0.02. The firm had revenue of $14.14 billion for the quarter, compared to analyst estimates of $14.96 billion. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. ConocoPhillips’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.84 earnings per share. On average, sell-side analysts anticipate that ConocoPhillips will post 8.02 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s dividend payout ratio (DPR) is presently 25.86%.

ConocoPhillips Company 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.