Precedent Wealth Partners LLC Buys Shares of 15,396 ConocoPhillips (NYSE:COP)

Precedent Wealth Partners LLC bought a new stake in shares of ConocoPhillips (NYSE:COP) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,396 shares of the energy producer’s stock, valued at approximately $1,617,000.

Several other large investors have also modified their holdings of COP. Murphy & Mullick Capital Management Corp purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $26,000. Centricity Wealth Management LLC purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $27,000. 10Elms LLP purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $28,000. Crowley Wealth Management Inc. purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $32,000. Finally, Marshall Investment Management LLC purchased a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Up 2.4%

COP stock opened at $97.00 on Monday. The firm has a market cap of $122.63 billion, a P/E ratio of 12.45, a PEG ratio of 0.79 and a beta of 0.61. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $118.40. The company’s 50-day simple moving average is $88.91 and its 200-day simple moving average is $95.79. The company has a quick ratio of 1.14, a current ratio of 1.29 and a debt-to-equity ratio of 0.36.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.04. The firm had revenue of $16.18 billion for the quarter, compared to analyst estimates of $15.74 billion. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. During the same period last year, the company posted $2.05 EPS. As a group, equities analysts forecast that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Monday, May 19th. ConocoPhillips’s dividend payout ratio is presently 39.64%.

Analyst Upgrades and Downgrades

COP has been the subject of a number of analyst reports. Susquehanna lowered their target price on ConocoPhillips from $120.00 to $114.00 and set a “positive” rating for the company in a report on Monday, May 12th. UBS Group lowered their target price on ConocoPhillips from $116.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Scotiabank lowered their target price on ConocoPhillips from $115.00 to $95.00 and set a “sector perform” rating for the company in a report on Friday, April 11th. Wells Fargo & Company lowered their target price on ConocoPhillips from $116.00 to $113.00 and set an “overweight” rating for the company in a report on Wednesday, May 14th. Finally, Royal Bank of Canada lowered their target price on ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $121.30.

ConocoPhillips 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.