ConocoPhillips (NYSE:COP) Shares Bought by Monterey Private Wealth Inc.

Monterey Private Wealth Inc. raised its position in ConocoPhillips (NYSE:COP) by 8.4% in the 4th quarter, Holdings Channel reports. The fund owned 4,720 shares of the energy producer’s stock after acquiring an additional 364 shares during the period. Monterey Private Wealth Inc.’s holdings in ConocoPhillips were worth $468,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in COP. Values First Advisors Inc. purchased a new position in ConocoPhillips in the third quarter worth $26,000. Reston Wealth Management LLC acquired a new position in shares of ConocoPhillips during the 3rd quarter worth $31,000. Truvestments Capital LLC purchased a new position in shares of ConocoPhillips in the 3rd quarter valued at about $31,000. Global Wealth Strategies & Associates lifted its stake in shares of ConocoPhillips by 80.5% in the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after purchasing an additional 153 shares during the period. Finally, RPg Family Wealth Advisory LLC purchased a new stake in ConocoPhillips during the third quarter worth about $35,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

COP opened at $105.76 on Tuesday. ConocoPhillips has a 1 year low of $94.23 and a 1 year high of $135.18. The company’s 50 day simple moving average is $103.67 and its 200 day simple moving average is $107.31. The stock has a market capitalization of $121.72 billion, a PE ratio of 12.58, a P/E/G ratio of 0.88 and a beta of 1.19. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company’s revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted $2.16 EPS. As a group, sell-side analysts expect that ConocoPhillips will post 7.68 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 2.95%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Insider Activity

In related news, Director Arjun N. Murti bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the acquisition, the director now owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R A. Walker purchased 10,400 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was bought at an average price of $97.80 per share, with a total value of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on COP. Truist Financial upped their price target on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. TD Cowen assumed coverage on ConocoPhillips in a research report on Friday. They issued a “buy” rating and a $125.00 price target for the company. Mizuho raised ConocoPhillips from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $132.00 to $134.00 in a research note on Monday, December 16th. Susquehanna increased their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. upgraded shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and increased their price target for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips presently has an average rating of “Buy” and an average target price of $136.00.

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.