BIP Wealth LLC Acquires Shares of 3,869 ConocoPhillips (NYSE:COP)

BIP Wealth LLC bought a new position in shares of ConocoPhillips (NYSE:COP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,869 shares of the energy producer’s stock, valued at approximately $407,000.

A number of other hedge funds have also modified their holdings of the business. Crewe Advisors LLC purchased a new stake in ConocoPhillips during the 1st quarter valued at about $194,000. Vident Advisory LLC grew its position in shares of ConocoPhillips by 5.4% in the first quarter. Vident Advisory LLC now owns 24,998 shares of the energy producer’s stock valued at $3,182,000 after purchasing an additional 1,291 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of ConocoPhillips in the first quarter valued at approximately $46,000. Delap Wealth Advisory LLC acquired a new stake in shares of ConocoPhillips in the first quarter valued at approximately $267,000. Finally, CreativeOne Wealth LLC lifted its position in ConocoPhillips by 32.1% during the first quarter. CreativeOne Wealth LLC now owns 8,856 shares of the energy producer’s stock worth $1,127,000 after buying an additional 2,150 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on COP shares. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. JPMorgan Chase & Co. restated a “neutral” rating and set a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Barclays boosted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. BMO Capital Markets lifted their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a report on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.63.

ConocoPhillips Stock Down 0.6 %

ConocoPhillips stock opened at $113.09 on Wednesday. The firm has a market capitalization of $130.16 billion, a P/E ratio of 13.45, a P/E/G ratio of 0.92 and a beta of 1.21. The stock’s fifty day simple moving average is $108.35 and its 200-day simple moving average is $111.47. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. ConocoPhillips’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, equities analysts expect that ConocoPhillips will post 7.8 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is 37.10%.

About ConocoPhillips

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.