Balentine LLC Raises Stock Position in ConocoPhillips $COP

Balentine LLC lifted its stake in shares of ConocoPhillips (NYSE:COP) by 8.8% during the second quarter, HoldingsChannel.com reports. The fund owned 5,057 shares of the energy producer’s stock after buying an additional 409 shares during the quarter. Balentine LLC’s holdings in ConocoPhillips were worth $454,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Tritonpoint Wealth LLC increased its position in shares of ConocoPhillips by 1.3% during the second quarter. Tritonpoint Wealth LLC now owns 8,329 shares of the energy producer’s stock worth $747,000 after acquiring an additional 110 shares during the period. Iowa State Bank increased its position in shares of ConocoPhillips by 0.5% during the second quarter. Iowa State Bank now owns 22,193 shares of the energy producer’s stock worth $1,992,000 after acquiring an additional 110 shares during the period. First National Bank Sioux Falls increased its position in shares of ConocoPhillips by 4.6% during the second quarter. First National Bank Sioux Falls now owns 2,572 shares of the energy producer’s stock worth $231,000 after acquiring an additional 113 shares during the period. KLCM Advisors Inc. increased its position in shares of ConocoPhillips by 2.6% during the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock worth $473,000 after acquiring an additional 115 shares during the period. Finally, Fairvoy Private Wealth LLC increased its position in shares of ConocoPhillips by 3.5% during the second quarter. Fairvoy Private Wealth LLC now owns 3,500 shares of the energy producer’s stock worth $314,000 after acquiring an additional 117 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wolfe Research reduced their target price on shares of ConocoPhillips from $137.00 to $130.00 and set an “outperform” rating on the stock in a research report on Monday, October 20th. Piper Sandler dropped their price objective on shares of ConocoPhillips from $124.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, October 13th. Raymond James Financial dropped their price objective 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. Royal Bank Of Canada increased their price objective on shares of ConocoPhillips from $113.00 to $118.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Finally, Melius Research started coverage on shares of ConocoPhillips in a research note on Wednesday, August 20th. They set a “hold” rating and a $117.00 price objective on the stock. Eighteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ConocoPhillips has an average rating of “Moderate Buy” and an average price target of $115.63.

ConocoPhillips Price Performance

Shares of COP opened at $88.99 on Friday. The company has a market cap of $111.14 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 2.36 and a beta of 0.62. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $115.38. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $92.66 and a two-hundred day moving average of $91.99.

ConocoPhillips (NYSE:COP) last announced 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 company had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. ConocoPhillips’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $1.98 earnings per share. As a group, analysts predict that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

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