Naviter Wealth LLC Raises Position in ConocoPhillips (NYSE:COP)

Naviter Wealth LLC lifted its stake in ConocoPhillips (NYSE:COP) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 23,819 shares of the energy producer’s stock after acquiring an additional 266 shares during the period. Naviter Wealth LLC’s holdings in ConocoPhillips were worth $3,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Orion Capital Management LLC purchased a new position in ConocoPhillips in the 3rd quarter worth approximately $27,000. West Branch Capital LLC grew its stake in ConocoPhillips by 87.8% during the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. Cooksen Wealth LLC bought a new stake in ConocoPhillips in the 4th quarter valued at $27,000. Sachetta LLC purchased a new stake in ConocoPhillips in the 4th quarter worth $27,000. Finally, Richardson Capital Management LLC bought a new position in shares of ConocoPhillips during the 1st quarter valued at about $31,000. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Stock Performance

NYSE COP traded down $0.23 on Tuesday, hitting $114.13. 3,836,698 shares of the company’s stock traded hands, compared to its average volume of 5,671,220. The firm’s 50-day moving average price is $118.00 and its two-hundred day moving average price is $117.61. The firm has a market capitalization of $133.48 billion, a PE ratio of 12.91, a P/E/G ratio of 2.04 and a beta of 1.24. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 1-year low of $99.35 and a 1-year high of $135.18.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.04. The company had revenue of $14.48 billion during the quarter, compared to the consensus estimate of $14.72 billion. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. As a group, analysts expect that ConocoPhillips will post 8.89 EPS for the current year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 13th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis 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%.

Wall Street Analysts Forecast Growth

COP has been the subject of several research analyst reports. Mizuho cut their price target on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating for the company in a report on Wednesday, June 5th. Piper Sandler upped their price target on shares of ConocoPhillips from $145.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Raymond James reissued a “strong-buy” rating and issued a $159.00 price objective (up from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Morgan Stanley raised their price objective on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Four 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 company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $144.18.

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.