Garner Asset Management Corp Buys 4,346 Shares of ConocoPhillips (NYSE:COP)

Garner Asset Management Corp grew its stake in shares of ConocoPhillips (NYSE:COP) by 24.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,056 shares of the energy producer’s stock after buying an additional 4,346 shares during the quarter. ConocoPhillips accounts for approximately 1.0% of Garner Asset Management Corp’s portfolio, making the stock its 26th largest holding. Garner Asset Management Corp’s holdings in ConocoPhillips were worth $2,322,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Marco Investment Management LLC increased its stake in shares of ConocoPhillips by 4.2% during the third quarter. Marco Investment Management LLC now owns 142,268 shares of the energy producer’s stock valued at $14,978,000 after buying an additional 5,795 shares during the period. Summit Trail Advisors LLC boosted its position in shares of ConocoPhillips by 2.0% during the third quarter. Summit Trail Advisors LLC now owns 24,070 shares of the energy producer’s stock valued at $2,534,000 after purchasing an additional 483 shares in the last quarter. Centaurus Financial Inc. boosted its position in shares of ConocoPhillips by 23.9% during the third quarter. Centaurus Financial Inc. now owns 3,820 shares of the energy producer’s stock valued at $402,000 after purchasing an additional 737 shares in the last quarter. Larson Financial Group LLC boosted its holdings in ConocoPhillips by 13.0% in the third quarter. Larson Financial Group LLC now owns 23,659 shares of the energy producer’s stock worth $2,491,000 after acquiring an additional 2,724 shares in the last quarter. Finally, Algert Global LLC bought a new stake in ConocoPhillips in the third quarter worth $3,421,000. 82.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on COP. Scotiabank dropped their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. Susquehanna upped their price target on ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a report on Friday, November 1st. BMO Capital Markets upped their price target on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Finally, Barclays upped their price objective on ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips Stock Performance

NYSE:COP opened at $111.75 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. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The stock has a 50-day moving average price of $108.91 and a 200 day moving average price of $111.32. The stock has a market capitalization of $128.61 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.91 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $13.97 billion. During the same quarter last year, the business posted $2.16 earnings per share. The firm’s revenue was down 8.5% on a year-over-year basis. Equities research 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. Investors of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.79%. ConocoPhillips’s dividend payout ratio is presently 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.