NewEdge Wealth LLC Grows Position in ConocoPhillips (NYSE:COP)

NewEdge Wealth LLC raised its position in ConocoPhillips (NYSE:COP) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 167,892 shares of the energy producer’s stock after acquiring an additional 5,282 shares during the quarter. NewEdge Wealth LLC’s holdings in ConocoPhillips were worth $16,650,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of COP. Albion Financial Group UT lifted its stake in ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after purchasing an additional 228 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of ConocoPhillips during the 4th quarter worth approximately $27,000. Reston Wealth Management LLC purchased a new stake in shares of ConocoPhillips during the 3rd quarter worth approximately $31,000. Truvestments Capital LLC acquired a new stake in ConocoPhillips during the 3rd quarter worth $31,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in ConocoPhillips in the third quarter valued at $35,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $96.06 on Thursday. ConocoPhillips has a 52 week low of $94.23 and a 52 week high of $135.18. The company has a 50-day moving average price of $100.07 and a 200 day moving average price of $105.21. The company has a market cap of $122.23 billion, a P/E ratio of 12.33, a PEG ratio of 0.79 and a beta of 1.18. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, February 6th. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. Research analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $3.12 annualized dividend and a dividend yield of 3.25%. ConocoPhillips’s payout ratio is currently 40.05%.

Insider Activity

In other news, Director R A. Walker acquired 10,400 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, with a total value of $1,017,120.00. Following the purchase, the director now directly owns 38,000 shares of the company’s stock, valued at approximately $3,716,400. This trade represents a 37.68 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Arjun N. Murti bought 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were purchased at an average price of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the transaction, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. This represents a 13.16 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. TD Cowen started coverage on ConocoPhillips in a report on Friday, January 17th. They set a “buy” rating and a $125.00 price objective on the stock. Barclays dropped their price target on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Wells Fargo & Company cut their price target on ConocoPhillips from $132.00 to $128.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Morgan Stanley assumed coverage on shares of ConocoPhillips in a research report on Monday, December 16th. They set an “overweight” rating and a $128.00 target price on the stock. Finally, Truist Financial lifted their target price on shares of ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus price target of $133.47.

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.