Watts Gwilliam & Co. LLC Makes New Investment in ConocoPhillips (NYSE:COP)

11 Oct 2024, 17:43 by Danessa Lincoln · The Markets Daily

Watts Gwilliam & Co. LLC purchased a new position in ConocoPhillips (NYSE:COP – Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,341 shares of the energy producer’s stock, valued at approximately $2,143,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in COP. Price T Rowe Associates Inc. MD raised its stake in shares of ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after purchasing an additional 8,479,963 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of ConocoPhillips by 512.8% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,737,026 shares of the energy producer’s stock worth $433,757,000 after purchasing an additional 3,127,165 shares during the last quarter. Capital International Investors raised its stake in shares of ConocoPhillips by 9.6% in the first 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 last quarter. Clearbridge Investments LLC raised its stake in shares of ConocoPhillips by 46.0% in the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock worth $409,833,000 after purchasing an additional 1,015,158 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of ConocoPhillips by 34.7% in the first quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock worth $351,602,000 after purchasing an additional 712,062 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the transaction, the director now directly owns 455,909 shares of the company’s stock, valued at $49,288,321.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

ConocoPhillips Stock Performance

NYSE:COP opened at $111.86 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.33 and a quick ratio of 1.19. The business has a fifty day simple moving average of $108.96 and a two-hundred day simple moving average of $115.73. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company has a market capitalization of $129.90 billion, a P/E ratio of 12.47, a P/E/G ratio of 0.88 and a beta of 1.21.

ConocoPhillips (NYSE:COP – Get Free Report) last released its earnings results on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The business had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. During the same period last year, the business posted $1.84 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, analysts expect that ConocoPhillips will post 8.02 earnings per share for the current year.

ConocoPhillips Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, August 12th. ConocoPhillips’s payout ratio is currently 25.86%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Scotiabank lowered their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday. Sanford C. Bernstein decreased their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Barclays decreased their price target on ConocoPhillips from $156.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Susquehanna decreased their price target on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Finally, Mizuho decreased their price target on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and an average price target of $138.00.

Read Our Latest Analysis on ConocoPhillips

ConocoPhillips Company Profile

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