ConocoPhillips $COP Stock Purchased by SteelPeak Wealth LLC

SteelPeak Wealth LLC raised its stake in ConocoPhillips (NYSE:COP) by 694.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 195,885 shares of the energy producer’s stock after purchasing an additional 171,222 shares during the period. SteelPeak Wealth LLC’s holdings in ConocoPhillips were worth $24,515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of COP. State Street Corp lifted its stake in shares of ConocoPhillips by 73.2% during the 2nd quarter. State Street Corp now owns 118,591,447 shares of the energy producer’s stock worth $12,328,767,000 after buying an additional 50,116,727 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ConocoPhillips by 3.0% during the 2nd quarter. BlackRock Inc. now owns 93,886,457 shares of the energy producer’s stock worth $9,760,436,000 after buying an additional 2,712,703 shares during the period. Wellington Management Group LLP boosted its holdings in shares of ConocoPhillips by 12.0% during the 2nd quarter. Wellington Management Group LLP now owns 15,072,154 shares of the energy producer’s stock worth $1,566,901,000 after buying an additional 1,609,759 shares during the period. Bank of America Corp DE bought a new stake in shares of ConocoPhillips during the 2nd quarter worth about $1,260,482,000. Finally, Primecap Management Co. CA acquired a new position in ConocoPhillips in the 2nd quarter valued at about $1,204,726,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ConocoPhillips news, SVP Andrew Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $135.15, for a total value of $1,282,168.05. Following the completion of the sale, the senior vice president owned 9,593 shares in the company, valued at $1,296,493.95. The trade was a 49.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on COP. Mizuho lowered their price target on shares of ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Morgan Stanley raised their price objective on shares of ConocoPhillips from $151.00 to $159.00 and gave the stock an “overweight” rating in a research report on Thursday. Truist Financial raised their price objective on shares of ConocoPhillips from $130.00 to $136.00 and gave the stock a “hold” rating in a research report on Wednesday, October 7th. Susquehanna boosted their price objective on ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a report on Tuesday, August 11th. Finally, Raymond James Financial reaffirmed an “underperform” rating and issued a $168.00 target price on shares of ConocoPhillips in a research report on Monday, August 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.62.

ConocoPhillips Stock Up 3.3%

COP stock opened at $146.43 on Friday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $146.59. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The stock has a market capitalization of $175.92 billion, a price-to-earnings ratio of 19.37, a PEG ratio of 1.45 and a beta of 0.24. The business’s fifty day moving average price is $132.11 and its two-hundred day moving average price is $122.44.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.90 by $0.34. The company had revenue of $19.52 billion during the quarter, compared to analysts’ expectations of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. ConocoPhillips’s quarterly revenue was up 32.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 earnings per share. On average, equities analysts anticipate that ConocoPhillips will post 11.19 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is currently 44.44%.

ConocoPhillips Profile

ConocoPhillips (NYSE:COP) is an independent exploration and production company engaged in finding, developing and producing oil, natural gas and natural gas liquids. Unlike integrated energy companies, it primarily focuses on upstream activities rather than operating large refining or retail fuel businesses.

The company’s portfolio includes conventional and unconventional oil and natural gas assets, liquefied natural gas-related interests, oil sands operations and other energy resources.