Rice Partnership LLC Increases Stake in ConocoPhillips (NYSE:COP)

Rice Partnership LLC grew its stake in ConocoPhillips (NYSE:COP) by 6.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 73,836 shares of the energy producer’s stock after buying an additional 4,206 shares during the quarter. ConocoPhillips accounts for approximately 1.6% of Rice Partnership LLC’s portfolio, making the stock its 21st biggest position. Rice Partnership LLC’s holdings in ConocoPhillips were worth $7,754,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in COP. Murphy & Mullick Capital Management Corp purchased a new stake in ConocoPhillips during the fourth quarter worth approximately $26,000. 10Elms LLP acquired a new position in ConocoPhillips during the fourth quarter worth approximately $28,000. Crowley Wealth Management Inc. acquired a new position in ConocoPhillips during the fourth quarter worth approximately $32,000. Garde Capital Inc. acquired a new position in ConocoPhillips during the first quarter worth approximately $35,000. Finally, Rakuten Securities Inc. increased its position in ConocoPhillips by 222.0% during the fourth quarter. Rakuten Securities Inc. now owns 380 shares of the energy producer’s stock worth $38,000 after buying an additional 262 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 0.2%

Shares of COP stock opened at $94.28 on Friday. The business’s fifty day moving average price is $90.23 and its 200 day moving average price is $94.80. ConocoPhillips has a 1-year low of $79.88 and a 1-year high of $118.40. The firm has a market capitalization of $119.19 billion, a PE ratio of 11.98, a P/E/G ratio of 2.53 and a beta of 0.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.27 and a quick ratio of 1.13.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. The company had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same period in the previous year, the business earned $2.05 earnings per share. As a group, sell-side analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a yield of 3.31%. ConocoPhillips’s payout ratio is 39.64%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Piper Sandler lifted their price target on ConocoPhillips from $107.00 to $113.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley lifted their price target on ConocoPhillips from $116.00 to $118.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $117.00 price target (up previously from $113.00) on shares of ConocoPhillips in a research report on Thursday, June 26th. Raymond James Financial reaffirmed an “outperform” rating and set a $109.00 price target (up previously from $103.00) on shares of ConocoPhillips in a research report on Tuesday, May 20th. Finally, Mizuho cut their price target on ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $121.80.

Insider Buying and Selling

In other news, EVP Kirk L. Johnson bought 5,300 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were bought at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the transaction, the executive vice president owned 14,527 shares in the company, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

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.