ConocoPhillips $COP Shares Bought by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC raised its holdings in ConocoPhillips (NYSE:COP) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,117 shares of the energy producer’s stock after purchasing an additional 3,066 shares during the period. Cornerstone Wealth Group LLC’s holdings in ConocoPhillips were worth $5,305,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Tritonpoint Wealth LLC raised its position in shares of ConocoPhillips by 1.3% in the 2nd quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock valued at $747,000 after purchasing an additional 110 shares in the last quarter. Iowa State Bank raised its position in shares of ConocoPhillips by 0.5% during the 2nd quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock valued at $1,992,000 after acquiring an additional 110 shares in the last quarter. First National Bank Sioux Falls raised its position in shares of ConocoPhillips by 4.6% during the 2nd quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock valued at $231,000 after acquiring an additional 113 shares in the last quarter. KLCM Advisors Inc. raised its position in shares of ConocoPhillips by 2.6% during the 1st quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock valued at $473,000 after acquiring an additional 115 shares in the last quarter. Finally, Fairvoy Private Wealth LLC raised its position in shares of ConocoPhillips by 3.5% during the 2nd quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer’s stock valued at $314,000 after acquiring an additional 117 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

COP has been the topic of several research reports. Morgan Stanley reissued an “overweight” rating and set a $123.00 price target (up from $119.00) on shares of ConocoPhillips in a research report on Sunday, August 10th. BMO Capital Markets upped their price target on ConocoPhillips from $115.00 to $117.00 and gave the company an “outperform” rating in a research report on Monday. Weiss Ratings reissued a “hold (c-)” rating on shares of ConocoPhillips in a research report on Wednesday, October 8th. Royal Bank Of Canada upped their price target on ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Melius Research assumed coverage on ConocoPhillips in a research report on Wednesday, August 20th. They set a “hold” rating and a $117.00 price target on the stock. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average target price of $117.65.

ConocoPhillips Price Performance

Shares of COP opened at $88.77 on Tuesday. The company has a market cap of $110.87 billion, a P/E ratio of 11.92, a PEG ratio of 2.33 and a beta of 0.62. The stock has a fifty day moving average price of $94.52 and a 200 day moving average price of $92.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.10. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $115.38.

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

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $3.12 annualized dividend and a dividend yield of 3.5%. ConocoPhillips’s dividend payout ratio is presently 41.88%.

About ConocoPhillips

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.