ConocoPhillips (NYSE:COP) Stock Position Raised by Novare Capital Management LLC

Novare Capital Management LLC increased its stake in shares of ConocoPhillips (NYSE:COP) by 14.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,487 shares of the energy producer’s stock after acquiring an additional 550 shares during the period. Novare Capital Management LLC’s holdings in ConocoPhillips were worth $472,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Stephens Consulting LLC increased its holdings in shares of ConocoPhillips by 69.3% during the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 104 shares during the last quarter. Richardson Capital Management LLC acquired a new position in shares of ConocoPhillips during the 1st quarter valued at about $31,000. Ruedi Wealth Management Inc. increased its holdings in shares of ConocoPhillips by 150.0% during the 1st quarter. Ruedi Wealth Management Inc. now owns 250 shares of the energy producer’s stock valued at $32,000 after acquiring an additional 150 shares during the last quarter. Valued Wealth Advisors LLC grew its holdings in ConocoPhillips by 45.8% in the 1st quarter. Valued Wealth Advisors LLC now owns 261 shares of the energy producer’s stock valued at $33,000 after buying an additional 82 shares during the last quarter. Finally, Y.D. More Investments Ltd acquired a new stake in ConocoPhillips in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $109.47 on Tuesday. The business has a 50 day simple moving average of $109.16 and a 200 day simple moving average of $115.34. 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 one year low of $101.29 and a one year high of $135.18. The company has a market capitalization of $128.03 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21.

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

ConocoPhillips Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were given a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.12%. ConocoPhillips’s payout ratio is currently 26.27%.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on 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 completion of the sale, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Mizuho lowered their target price on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Susquehanna lowered their target price on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Barclays lowered their target price on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a report on Friday, September 13th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $137.12.

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.