Red Door Wealth Management LLC Grows Stock Holdings in ConocoPhillips (NYSE:COP)

Red Door Wealth Management LLC grew its holdings in ConocoPhillips (NYSE:COP) by 29.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,218 shares of the energy producer’s stock after acquiring an additional 948 shares during the period. Red Door Wealth Management LLC’s holdings in ConocoPhillips were worth $537,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Cornerstone Wealth Group LLC lifted its position in ConocoPhillips by 3.9% during the 1st quarter. Cornerstone Wealth Group LLC now owns 64,162 shares of the energy producer’s stock worth $8,167,000 after acquiring an additional 2,403 shares in the last quarter. Richardson Capital Management LLC acquired a new position in shares of ConocoPhillips during the first quarter worth $31,000. Physician Wealth Advisors Inc. lifted its position in shares of ConocoPhillips by 3.6% during the first quarter. Physician Wealth Advisors Inc. now owns 2,940 shares of the energy producer’s stock worth $381,000 after purchasing an additional 103 shares in the last quarter. New Mexico Educational Retirement Board grew its holdings in ConocoPhillips by 20.2% during the 1st quarter. New Mexico Educational Retirement Board now owns 75,710 shares of the energy producer’s stock valued at $9,636,000 after purchasing an additional 12,700 shares in the last quarter. Finally, Founders Financial Securities LLC purchased a new stake in ConocoPhillips during the 1st quarter worth $1,184,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP stock traded up $0.41 during trading on Friday, hitting $114.38. The company had a trading volume of 7,191,846 shares, compared to its average volume of 7,011,207. The business has a 50 day moving average of $118.30 and a 200 day moving average of $117.58. The firm has a market capitalization of $133.77 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 2.04 and a beta of 1.22. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. ConocoPhillips has a fifty-two week low of $99.35 and a fifty-two week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company had revenue of $14.48 billion during the quarter, compared to analyst estimates of $14.72 billion. As a group, research analysts predict that ConocoPhillips will post 8.89 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Friday, May 10th. ConocoPhillips’s payout ratio is currently 26.27%.

Analyst Ratings Changes

A number of equities analysts have commented on COP shares. Royal Bank of Canada lifted their price objective on shares of ConocoPhillips from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, May 15th. StockNews.com raised shares of ConocoPhillips from a “hold” rating to a “buy” rating in a report on Thursday. Truist Financial increased their price objective on shares of ConocoPhillips from $160.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd. Argus raised ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Finally, Raymond James reiterated a “strong-buy” rating and set a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a research report on Thursday, May 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $144.18.

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.