Ascent Group LLC Increases Stake in ConocoPhillips (NYSE:COP)

Ascent Group LLC boosted its position in shares of ConocoPhillips (NYSE:COP) by 54.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 30,246 shares of the energy producer’s stock after purchasing an additional 10,623 shares during the quarter. Ascent Group LLC’s holdings in ConocoPhillips were worth $3,184,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Values First Advisors Inc. bought a new position in shares of ConocoPhillips in the 3rd quarter worth approximately $26,000. Stephens Consulting LLC grew its holdings in shares of ConocoPhillips by 69.3% in the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares in the last quarter. Reston Wealth Management LLC purchased a new position in ConocoPhillips during the third quarter worth $31,000. Truvestments Capital LLC purchased a new position in ConocoPhillips during the third quarter worth $31,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of ConocoPhillips during the second quarter worth $35,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

NYSE COP opened at $108.34 on Monday. The stock has a fifty day simple moving average of $108.77 and a 200-day simple moving average of $110.72. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The stock has a market cap of $124.69 billion, a PE ratio of 12.88, a P/E/G ratio of 0.89 and a beta of 1.21. 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 announced its earnings results on Thursday, October 31st. The energy producer reported $1.78 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 during the quarter, compared to analysts’ expectations of $13.97 billion. During the same period last year, the business posted $2.16 EPS. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities analysts anticipate that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.88%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Wall Street Analyst Weigh In

COP has been the subject of several recent research reports. Mizuho lifted their price objective on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Truist Financial dropped 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. Scotiabank dropped their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $126.00 price objective (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Finally, Barclays upped their target price on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.