Keystone Wealth Services LLC Increases Stock Position in ConocoPhillips $COP

Keystone Wealth Services LLC grew its holdings in shares of ConocoPhillips (NYSE:COP) by 0.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,006 shares of the energy producer’s stock after buying an additional 188 shares during the quarter. ConocoPhillips accounts for approximately 1.2% of Keystone Wealth Services LLC’s holdings, making the stock its 17th biggest holding. Keystone Wealth Services LLC’s holdings in ConocoPhillips were worth $4,936,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares during the last quarter. Wellington Management Group LLP lifted its stake in ConocoPhillips by 1.4% in the first quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock worth $3,319,746,000 after purchasing an additional 437,709 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in ConocoPhillips by 30.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after purchasing an additional 2,080,625 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in ConocoPhillips by 15.1% in the first quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock worth $861,490,000 after purchasing an additional 1,073,906 shares during the last quarter. Finally, Nuveen LLC bought a new stake in ConocoPhillips in the first quarter worth about $658,981,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 2.3%

NYSE COP opened at $94.48 on Wednesday. The company has a fifty day simple moving average of $94.72 and a two-hundred day simple moving average of $92.89. The stock has a market cap of $118.00 billion, a P/E ratio of 12.68, a P/E/G ratio of 2.43 and a beta of 0.69. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $116.08. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The business had revenue of $14.94 billion during the quarter, compared to analysts’ expectations of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $1.98 earnings per share. On average, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is currently 41.88%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COP. Bank of America decreased their price objective on shares of ConocoPhillips from $107.00 to $106.00 and set a “neutral” rating for the company in a research note on Friday, May 23rd. Wall Street Zen downgraded shares of ConocoPhillips from a “hold” rating to a “sell” rating in a research note on Friday, August 22nd. Morgan Stanley restated an “overweight” rating and issued a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Raymond James Financial dropped their target price on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, September 8th. Finally, UBS Group upped their target price on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Sixteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $120.62.

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.