Easterly Investment Partners LLC Acquires 61,677 Shares of ConocoPhillips (NYSE:COP)

Easterly Investment Partners LLC boosted its holdings in ConocoPhillips (NYSE:COP) by 87.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 132,334 shares of the energy producer’s stock after purchasing an additional 61,677 shares during the period. ConocoPhillips comprises approximately 1.2% of Easterly Investment Partners LLC’s portfolio, making the stock its 20th largest holding. Easterly Investment Partners LLC’s holdings in ConocoPhillips were worth $13,898,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Murphy & Mullick Capital Management Corp bought a new position in shares of ConocoPhillips during the fourth quarter valued at about $26,000. 10Elms LLP bought a new position in shares of ConocoPhillips during the fourth quarter valued at about $28,000. Crowley Wealth Management Inc. bought a new position in shares of ConocoPhillips during the fourth quarter valued at about $32,000. Garde Capital Inc. bought a new position in shares of ConocoPhillips during the first quarter valued at about $35,000. Finally, Fourth Dimension Wealth LLC bought a new position in shares of ConocoPhillips during the fourth quarter valued at about $39,000. 82.36% of the stock is owned by institutional investors.

Insider Transactions at ConocoPhillips

In related news, EVP Kirk L. Johnson bought 5,300 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The shares were bought at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the completion of the acquisition, the executive vice president owned 14,527 shares of the company’s stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

ConocoPhillips Trading Down 1.1%

NYSE:COP opened at $91.54 on Thursday. The company’s 50 day moving average price is $90.89 and its 200-day moving average price is $94.68. ConocoPhillips has a 52 week low of $79.88 and a 52 week high of $118.40. The company has a quick ratio of 1.13, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The stock has a market cap of $115.72 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 2.52 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The firm had revenue of $16.18 billion for the quarter, compared to analysts’ expectations of $15.74 billion. During the same quarter in the prior year, the company posted $2.05 earnings per share. On average, equities research analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.41%. The ex-dividend date was Monday, May 19th. ConocoPhillips’s dividend payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Citigroup decreased their price target on shares of ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, June 11th. Piper Sandler reissued an “overweight” rating and issued a $123.00 price target (up from $113.00) on shares of ConocoPhillips in a research note on Tuesday. Royal Bank Of Canada decreased their price target on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, July 11th. Raymond James Financial reissued an “outperform” rating and issued a $109.00 price target (up from $103.00) on shares of ConocoPhillips in a research note on Tuesday, May 20th. Finally, UBS Group increased their price target on shares of ConocoPhillips from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.70.

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.