Ritholtz Wealth Management Boosts Holdings in ConocoPhillips $COP

Ritholtz Wealth Management raised its holdings in shares of ConocoPhillips (NYSE:COP) by 6.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 33,658 shares of the energy producer’s stock after purchasing an additional 2,000 shares during the period. Ritholtz Wealth Management’s holdings in ConocoPhillips were worth $3,020,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in COP. Charles Schwab Investment Management Inc. increased its holdings in 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 in the last quarter. Nuveen LLC purchased a new position in ConocoPhillips during the 1st quarter valued at about $658,981,000. AQR Capital Management LLC grew its holdings in shares of ConocoPhillips by 190.5% during the first quarter. AQR Capital Management LLC now owns 4,664,408 shares of the energy producer’s stock worth $484,539,000 after buying an additional 3,058,505 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of ConocoPhillips by 30.2% during the first 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. Finally, Deutsche Bank AG grew its holdings in shares of ConocoPhillips by 53.8% during the first quarter. Deutsche Bank AG now owns 5,240,275 shares of the energy producer’s stock worth $550,334,000 after buying an additional 1,834,118 shares in the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on COP shares. Jefferies Financial Group lowered their price target on shares of ConocoPhillips from $129.00 to $120.00 and set a “buy” rating for the company in a report on Monday. UBS Group lowered their price target on shares of ConocoPhillips from $124.00 to $122.00 and set a “buy” rating for the company in a report on Monday. Piper Sandler lowered their price target on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Monday. Royal Bank Of Canada lifted their price target on shares of ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $117.00 price target (up from $113.00) on shares of ConocoPhillips in a report on Thursday, June 26th. Seventeen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.78.

ConocoPhillips Price Performance

COP opened at $87.67 on Thursday. The company’s 50 day simple moving average is $94.31 and its 200 day simple moving average is $92.29. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. ConocoPhillips has a 1 year low of $79.88 and a 1 year high of $115.38. The stock has a market capitalization of $109.49 billion, a PE ratio of 11.77, a P/E/G ratio of 2.36 and a beta of 0.62.

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

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were given 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 3.6%. ConocoPhillips’s dividend payout ratio (DPR) is currently 41.88%.

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.