Townsquare Capital LLC Boosts Position in ConocoPhillips (NYSE:COP)

Townsquare Capital LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 8.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 70,499 shares of the energy producer’s stock after buying an additional 5,607 shares during the quarter. Townsquare Capital LLC’s holdings in ConocoPhillips were worth $7,422,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Transamerica Financial Advisors Inc. grew its holdings in ConocoPhillips by 24.4% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 12,362 shares of the energy producer’s stock valued at $1,302,000 after buying an additional 2,426 shares in the last quarter. Principal Street Partners LLC grew its holdings in ConocoPhillips by 26.2% during the 3rd quarter. Principal Street Partners LLC now owns 9,075 shares of the energy producer’s stock valued at $990,000 after buying an additional 1,886 shares in the last quarter. Avestar Capital LLC grew its holdings in ConocoPhillips by 2.2% during the 3rd quarter. Avestar Capital LLC now owns 10,605 shares of the energy producer’s stock valued at $1,116,000 after buying an additional 226 shares in the last quarter. Covington Investment Advisors Inc. grew its holdings in ConocoPhillips by 1.4% during the 3rd quarter. Covington Investment Advisors Inc. now owns 109,308 shares of the energy producer’s stock valued at $11,508,000 after buying an additional 1,475 shares in the last quarter. Finally, D.A. Davidson & CO. grew its holdings in ConocoPhillips by 2.4% during the 3rd quarter. D.A. Davidson & CO. now owns 130,517 shares of the energy producer’s stock valued at $13,741,000 after buying an additional 3,060 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP stock opened at $107.42 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. ConocoPhillips has a fifty-two week low of $101.29 and a fifty-two week high of $135.18. The stock has a 50 day moving average price of $108.86 and a two-hundred day moving average price of $110.98. The company has a market capitalization of $123.63 billion, a P/E ratio of 12.77, a PEG ratio of 0.87 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the previous year, the company posted $2.16 earnings per share. The business’s revenue was down 8.5% on a year-over-year basis. Analysts expect that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be given a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.90%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is presently 37.10%.

Analysts Set New Price Targets

A number of research analysts have weighed in on COP shares. Scotiabank reduced their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Barclays lifted their price target on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. BMO Capital Markets lifted their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.63.

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.