Envestnet Asset Management Inc. Boosts Stock Position in ConocoPhillips $COP

Envestnet Asset Management Inc. grew its stake in shares of ConocoPhillips (NYSE:COP) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,716,324 shares of the energy producer’s stock after buying an additional 109,417 shares during the period. Envestnet Asset Management Inc. owned 0.21% of ConocoPhillips worth $243,749,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Convergence Financial LLC purchased a new position in ConocoPhillips in the 1st quarter worth approximately $253,000. Citizens National Bank Trust Department lifted its holdings in ConocoPhillips by 6.1% in the 1st quarter. Citizens National Bank Trust Department now owns 2,176 shares of the energy producer’s stock worth $229,000 after purchasing an additional 126 shares in the last quarter. Amalgamated Bank lifted its holdings in ConocoPhillips by 0.4% in the 1st quarter. Amalgamated Bank now owns 248,629 shares of the energy producer’s stock worth $26,111,000 after purchasing an additional 924 shares in the last quarter. IRON Financial LLC purchased a new position in ConocoPhillips in the 1st quarter worth approximately $569,000. Finally, Northwest Wealth Management LLC lifted its holdings in ConocoPhillips by 36.2% in the 1st quarter. Northwest Wealth Management LLC now owns 2,809 shares of the energy producer’s stock worth $295,000 after purchasing an additional 747 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Raymond James Financial lowered their price target on ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, September 8th. Evercore ISI reduced their price objective on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating on the stock in a research note on Monday, October 6th. Piper Sandler decreased their price objective on ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday, October 13th. The Goldman Sachs Group decreased their price objective on ConocoPhillips from $111.00 to $108.00 and set a “buy” rating on the stock in a report on Friday, October 17th. Finally, Royal Bank Of Canada upped their price objective on ConocoPhillips from $113.00 to $118.00 and gave the stock an “outperform” rating in a report on Monday, October 13th. Eighteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.63.

ConocoPhillips Stock Performance

NYSE COP opened at $88.71 on Tuesday. The company has a market cap of $110.79 billion, a P/E ratio of 11.91, a P/E/G ratio of 2.35 and a beta of 0.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The business’s 50 day moving average price is $93.22 and its 200-day moving average price is $91.96. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $14.94 billion for 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 company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.98 EPS. Sell-side analysts predict that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Announces Dividend

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