Cornerstone Wealth Group LLC Acquires 2,403 Shares of ConocoPhillips (NYSE:COP)

Cornerstone Wealth Group LLC boosted its position in shares of ConocoPhillips (NYSE:COP) by 3.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 64,162 shares of the energy producer’s stock after buying an additional 2,403 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in ConocoPhillips were worth $8,167,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Orion Capital Management LLC bought a new position in ConocoPhillips in the 3rd quarter worth $27,000. West Branch Capital LLC raised its holdings in ConocoPhillips by 87.8% in the 4th quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Cooksen Wealth LLC bought a new position in ConocoPhillips in the 4th quarter worth $27,000. Sachetta LLC bought a new position in ConocoPhillips in the 4th quarter worth $27,000. Finally, Richardson Capital Management LLC bought a new position in ConocoPhillips in the 1st quarter worth $31,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Performance

COP traded up $0.41 during midday trading on Friday, hitting $114.38. 7,191,846 shares of the company traded hands, compared to its average volume of 7,011,207. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $133.77 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 2.04 and a beta of 1.22. The company’s 50-day moving average is $118.30 and its 200 day moving average is $117.58. ConocoPhillips has a 52 week low of $99.35 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The firm had revenue of $14.48 billion for the quarter, compared to analysts’ expectations of $14.72 billion. On average, research analysts expect that ConocoPhillips will post 8.89 EPS for the current year.

ConocoPhillips Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Friday, May 10th. ConocoPhillips’s dividend payout ratio (DPR) is presently 26.27%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on COP shares. Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 target price (up from $155.00) on shares of ConocoPhillips in a research report on Thursday, May 30th. Barclays upped their target price on shares of ConocoPhillips from $158.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Susquehanna upped their target price on shares of ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Truist Financial upped their target price on shares of ConocoPhillips from $160.00 to $165.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Finally, Bank of America reissued a “buy” rating and set a $147.00 price objective on shares of ConocoPhillips in a research report on Friday, June 14th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.18.

ConocoPhillips Company 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.