Cannell & Spears LLC Raises Holdings in ConocoPhillips $COP

Cannell & Spears LLC boosted its holdings in shares of ConocoPhillips (NYSE:COP) by 105.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,535 shares of the energy producer’s stock after acquiring an additional 15,128 shares during the quarter. Cannell & Spears LLC’s holdings in ConocoPhillips were worth $3,917,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. AXA S.A. lifted its position in ConocoPhillips by 91.1% in the second quarter. AXA S.A. now owns 84,937 shares of the energy producer’s stock valued at $7,622,000 after buying an additional 40,499 shares during the last quarter. Sei Investments Co. increased its position in shares of ConocoPhillips by 6.1% during the second quarter. Sei Investments Co. now owns 784,368 shares of the energy producer’s stock valued at $70,397,000 after acquiring an additional 44,852 shares during the last quarter. BNP Paribas acquired a new stake in shares of ConocoPhillips during the second quarter valued at about $33,000. Osterweis Capital Management Inc. purchased a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $151,000. Finally, Main Street Financial Solutions LLC raised its stake in shares of ConocoPhillips by 53.5% in the 2nd quarter. Main Street Financial Solutions LLC now owns 4,806 shares of the energy producer’s stock valued at $431,000 after acquiring an additional 1,675 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Up 0.1%

Shares of COP opened at $120.30 on Friday. The company’s 50-day simple moving average is $113.50 and its 200-day simple moving average is $114.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. ConocoPhillips has a 1 year low of $85.57 and a 1 year high of $135.87. The stock has a market capitalization of $146.56 billion, a PE ratio of 20.42, a P/E/G ratio of 1.45 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The firm had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. During the same quarter in the previous year, the business posted $2.09 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. Analysts forecast that ConocoPhillips will post 9.2 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 11th were given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, May 11th. ConocoPhillips’s dividend payout ratio (DPR) is currently 57.05%.

Analyst Ratings Changes

COP has been the topic of several recent analyst reports. Freedom Capital lowered shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Susquehanna lifted their target price on shares of ConocoPhillips from $152.00 to $155.00 and gave the company a “positive” rating in a report on Tuesday. Piper Sandler boosted their target price on ConocoPhillips from $154.00 to $157.00 and gave the company an “overweight” rating in a research report on Wednesday, April 8th. Capital One Financial decreased their price target on ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research note on Monday, May 18th. Finally, Argus raised their price target on ConocoPhillips from $128.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and a consensus target price of $134.16.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.