Murchinson Ltd. Invests $2.69 Million in ConocoPhillips (NYSE:COP)

Murchinson Ltd. bought a new stake in ConocoPhillips (NYSE:COP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,500 shares of the energy producer’s stock, valued at approximately $2,685,000. ConocoPhillips comprises approximately 0.7% of Murchinson Ltd.’s holdings, making the stock its 18th biggest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of COP. Vicus Capital raised its position in shares of ConocoPhillips by 3.7% during the 2nd quarter. Vicus Capital now owns 2,637 shares of the energy producer’s stock worth $302,000 after acquiring an additional 94 shares in the last quarter. Montag A & Associates Inc. raised its holdings in ConocoPhillips by 2.5% during the second quarter. Montag A & Associates Inc. now owns 3,900 shares of the energy producer’s stock worth $446,000 after purchasing an additional 96 shares in the last quarter. Excalibur Management Corp lifted its position in shares of ConocoPhillips by 2.4% during the 2nd quarter. Excalibur Management Corp now owns 4,037 shares of the energy producer’s stock worth $462,000 after buying an additional 96 shares during the last quarter. Cypress Capital Group boosted its holdings in shares of ConocoPhillips by 0.5% in the 3rd quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock valued at $1,978,000 after buying an additional 96 shares in the last quarter. Finally, Bank OZK boosted its holdings in shares of ConocoPhillips by 1.6% in the 2nd quarter. Bank OZK now owns 6,251 shares of the energy producer’s stock valued at $715,000 after buying an additional 97 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $106.05 on Wednesday. The firm’s 50-day moving average is $108.64 and its two-hundred day moving average is $110.52. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16. The stock has a market capitalization of $122.05 billion, a P/E ratio of 12.61, a P/E/G ratio of 0.87 and a beta of 1.18. ConocoPhillips has a 12-month low of $101.29 and a 12-month high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results 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 company had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.16 EPS. Equities analysts predict that ConocoPhillips will post 7.76 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.94%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is currently 37.10%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on COP shares. JPMorgan Chase & Co. restated a “neutral” rating and issued a $126.00 price objective (down previously from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Scotiabank dropped their price target on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Truist Financial reduced their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $137.63.

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.