RIA Advisory Group LLC Takes $1.94 Million Position in ConocoPhillips (NYSE:COP)

RIA Advisory Group LLC purchased a new position in shares of ConocoPhillips (NYSE:COP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 18,441 shares of the energy producer’s stock, valued at approximately $1,941,000. ConocoPhillips accounts for 0.7% of RIA Advisory Group LLC’s investment portfolio, making the stock its 23rd biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EP Wealth Advisors LLC lifted its stake in ConocoPhillips by 19.1% during the first quarter. EP Wealth Advisors LLC now owns 28,601 shares of the energy producer’s stock worth $3,640,000 after purchasing an additional 4,578 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in ConocoPhillips during the 2nd quarter valued at about $30,021,000. Alpha DNA Investment Management LLC boosted its holdings in ConocoPhillips by 83.8% during the 2nd quarter. Alpha DNA Investment Management LLC now owns 16,427 shares of the energy producer’s stock valued at $1,879,000 after acquiring an additional 7,490 shares during the period. TCW Group Inc. grew its position in ConocoPhillips by 37.8% in the 2nd quarter. TCW Group Inc. now owns 30,026 shares of the energy producer’s stock valued at $3,434,000 after acquiring an additional 8,231 shares in the last quarter. Finally, Doheny Asset Management CA purchased a new stake in ConocoPhillips during the second quarter worth about $815,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on COP. Truist Financial dropped their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. Susquehanna upped their price objective on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. BMO Capital Markets lifted their target price on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Finally, Mizuho boosted their price objective on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Trading Down 0.5 %

Shares of ConocoPhillips stock opened at $112.32 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $108.01 and a 200-day simple moving average of $111.78. The stock has a market cap of $129.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.91 and a beta of 1.21. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the prior year, the firm posted $2.16 earnings per share. ConocoPhillips’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, equities analysts forecast that ConocoPhillips will post 7.8 EPS 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 given a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.78%. ConocoPhillips’s payout ratio is 37.10%.

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.