Legend Financial Advisors Inc. Acquires Shares of 689 ConocoPhillips $COP

Legend Financial Advisors Inc. bought a new position in ConocoPhillips (NYSE:COP) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 689 shares of the energy producer’s stock, valued at approximately $62,000.

A number of other hedge funds also recently made changes to their positions in COP. Charles Schwab Investment Management Inc. boosted its position in shares of ConocoPhillips by 379.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock valued at $4,210,751,000 after acquiring an additional 31,736,423 shares during the last quarter. Nuveen LLC purchased a new stake in ConocoPhillips during the first quarter valued at $658,981,000. AQR Capital Management LLC lifted its position in ConocoPhillips by 190.5% during the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock valued at $484,539,000 after purchasing an additional 3,058,505 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of ConocoPhillips by 10,440.1% in the 1st quarter. GAMMA Investing LLC now owns 2,964,189 shares of the energy producer’s stock worth $311,299,000 after buying an additional 2,936,066 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after buying an additional 2,080,625 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on COP. Citigroup lowered their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Susquehanna lowered their price objective on ConocoPhillips from $114.00 to $113.00 and set a “positive” rating for the company in a research note on Wednesday, July 23rd. Royal Bank Of Canada cut their target price on ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, July 11th. Finally, Morgan Stanley restated an “overweight” rating and issued a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. Sixteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.14.

ConocoPhillips Price Performance

COP opened at $96.72 on Friday. The business has a fifty day moving average of $94.72 and a 200 day moving average of $93.03. The stock has a market cap of $120.80 billion, a P/E ratio of 12.98, a PEG ratio of 2.52 and a beta of 0.69. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08.

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

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio (DPR) is presently 41.88%.

ConocoPhillips Company 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.