Philip James Wealth Mangement LLC Takes $8.14 Million Position in ConocoPhillips (NYSE:COP)

Philip James Wealth Mangement LLC purchased a new position in ConocoPhillips (NYSE:COP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 77,281 shares of the energy producer’s stock, valued at approximately $8,136,000. ConocoPhillips accounts for about 1.0% of Philip James Wealth Mangement LLC’s portfolio, making the stock its 22nd biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. AIA Group Ltd grew its position in shares of ConocoPhillips by 36.1% in the 3rd quarter. AIA Group Ltd now owns 20,718 shares of the energy producer’s stock worth $2,181,000 after buying an additional 5,494 shares during the period. Summit Global Investments grew its holdings in ConocoPhillips by 150.4% in the third quarter. Summit Global Investments now owns 10,473 shares of the energy producer’s stock worth $1,103,000 after purchasing an additional 6,290 shares during the period. Lifestyle Asset Management Inc. increased its stake in shares of ConocoPhillips by 5.8% during the third quarter. Lifestyle Asset Management Inc. now owns 8,155 shares of the energy producer’s stock valued at $859,000 after purchasing an additional 445 shares in the last quarter. Sittner & Nelson LLC lifted its holdings in shares of ConocoPhillips by 128.8% during the third quarter. Sittner & Nelson LLC now owns 3,553 shares of the energy producer’s stock valued at $374,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its position in shares of ConocoPhillips by 6.7% in the 3rd quarter. Confluence Investment Management LLC now owns 5,555 shares of the energy producer’s stock worth $585,000 after purchasing an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on COP shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a report on Friday, October 11th. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. UBS Group decreased their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Truist Financial dropped their price target on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, BMO Capital Markets upped their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $137.47.

ConocoPhillips Stock Down 0.4 %

Shares of COP traded down $0.48 during midday trading on Friday, hitting $111.14. The company had a trading volume of 608,878 shares, compared to its average volume of 5,887,712. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The firm has a market capitalization of $127.91 billion, a P/E ratio of 13.37, a P/E/G ratio of 0.89 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The company’s 50-day simple moving average is $107.81 and its 200-day simple moving average is $112.53.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. The company 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 business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.16 earnings per share. As a group, sell-side analysts expect that ConocoPhillips will post 7.79 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a $0.78 dividend. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.81%. ConocoPhillips’s payout ratio is 37.10%.

Insiders Place Their Bets

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the sale, the director now directly owns 455,909 shares in the company, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.34% 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.