Cassaday & Co Wealth Management LLC Boosts Stake in ConocoPhillips (NYSE:COP)

Cassaday & Co Wealth Management LLC lifted its holdings in shares of ConocoPhillips (NYSE:COP) by 6.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,328 shares of the energy producer’s stock after purchasing an additional 255 shares during the quarter. Cassaday & Co Wealth Management LLC’s holdings in ConocoPhillips were worth $456,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of COP. Price T Rowe Associates Inc. MD increased its position in shares of ConocoPhillips by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after acquiring an additional 8,479,963 shares during the last quarter. Capital International Investors boosted its position in shares of ConocoPhillips by 9.6% during the 1st quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after purchasing an additional 1,856,085 shares during the period. Legal & General Group Plc boosted its position in shares of ConocoPhillips by 4.6% during the 2nd quarter. Legal & General Group Plc now owns 9,900,596 shares of the energy producer’s stock worth $1,132,430,000 after purchasing an additional 438,241 shares during the period. Diamond Hill Capital Management Inc. increased its holdings in ConocoPhillips by 19.3% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock valued at $717,093,000 after purchasing an additional 1,101,685 shares during the last quarter. Finally, Boston Partners raised its position in ConocoPhillips by 10.3% in the first quarter. Boston Partners now owns 4,451,796 shares of the energy producer’s stock valued at $567,111,000 after purchasing an additional 415,878 shares during the period. 82.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on COP shares. Mizuho lifted their price objective on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. UBS Group reduced their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Finally, Truist Financial cut their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Trading Up 1.3 %

NYSE:COP opened at $113.76 on Tuesday. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock’s 50 day simple moving average is $108.17 and its 200-day simple moving average is $111.53. The firm has a market cap of $130.93 billion, a P/E ratio of 13.53, a PEG ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion for the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips’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. Equities analysts anticipate that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.74%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s dividend payout ratio is 37.10%.

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.