Destination Wealth Management raised its stake in ConocoPhillips (NYSE:COP) by 592.6% during the first quarter, Holdings Channel reports. The institutional investor owned 561 shares of the energy producer’s stock after acquiring an additional 480 shares during the period. Destination Wealth Management’s holdings in ConocoPhillips were worth $37,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in COP. Lenox Wealth Advisors LLC bought a new stake in shares of ConocoPhillips during the 1st quarter valued at about $27,000. Smart Portfolios LLC boosted its position in shares of ConocoPhillips by 69.5% during the 4th quarter. Smart Portfolios LLC now owns 478 shares of the energy producer’s stock valued at $30,000 after purchasing an additional 196 shares in the last quarter. Athena Capital Advisors LLC bought a new stake in shares of ConocoPhillips during the 4th quarter valued at about $32,000. Clarfeld Financial Advisors LLC bought a new stake in shares of ConocoPhillips during the 4th quarter valued at about $32,000. Finally, Ironwood Financial llc boosted its position in shares of ConocoPhillips by 294.1% during the 4th quarter. Ironwood Financial llc now owns 536 shares of the energy producer’s stock valued at $33,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 74.23% of the company’s stock.
COP has been the topic of several research analyst reports. Piper Jaffray Companies upgraded ConocoPhillips from a “neutral” rating to an “overweight” rating and upped their target price for the company from $68.00 to $75.00 in a research report on Thursday, March 21st. Morgan Stanley upped their target price on ConocoPhillips from $77.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Zacks Investment Research upgraded ConocoPhillips from a “strong sell” rating to a “hold” rating in a research report on Monday, February 11th. Credit Suisse Group upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, April 30th. Finally, Barclays reiterated a “buy” rating and issued a $79.00 price target on shares of ConocoPhillips in a report on Friday, January 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $78.20.
Shares of NYSE:COP opened at $61.54 on Friday. The company has a market capitalization of $69.77 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.49 and a beta of 1.06. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.72 and a current ratio of 1.86. ConocoPhillips has a 52-week low of $56.75 and a 52-week high of $80.24.
ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Tuesday, April 30th. The energy producer reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.08. The business had revenue of $10.06 billion for the quarter, compared to analyst estimates of $9.16 billion. ConocoPhillips had a return on equity of 16.65% and a net margin of 18.08%. During the same quarter in the prior year, the company earned $0.96 earnings per share. Equities research analysts anticipate that ConocoPhillips will post 4.37 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 13th will be issued a $0.305 dividend. The ex-dividend date of this dividend is Friday, May 10th. This represents a $1.22 annualized dividend and a yield of 1.98%. ConocoPhillips’s payout ratio is currently 26.93%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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