Permanens Capital L.P. Invests $1.93 Million in ConocoPhillips $COP

Permanens Capital L.P. bought a new position in shares of ConocoPhillips (NYSE:COP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,548 shares of the energy producer’s stock, valued at approximately $1,928,000.

Other institutional investors also recently made changes to their positions in the company. Ausdal Financial Partners Inc. bought a new position in shares of ConocoPhillips during the second quarter worth about $1,635,000. Bank of America Corp DE acquired a new position in ConocoPhillips in the second quarter valued at approximately $1,260,482,000. Birmingham Capital Management Co. Inc. AL acquired a new position in ConocoPhillips in the second quarter valued at approximately $326,000. Magnolia Capital Advisors LLC bought a new position in shares of ConocoPhillips during the second quarter valued at approximately $419,000. Finally, Port Capital LLC acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $400,000. 82.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on COP shares. Weiss Ratings upgraded ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. BMO Capital Markets cut their price objective on shares of ConocoPhillips from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Argus upped their target price on shares of ConocoPhillips from $136.00 to $153.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Wells Fargo & Company lifted their price target on ConocoPhillips from $183.00 to $189.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Truist Financial increased their price objective on ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.29.

ConocoPhillips Stock Down 0.8%

COP stock opened at $130.79 on Thursday. The firm’s 50-day moving average is $116.53 and its two-hundred day moving average is $118.32. The company has a market capitalization of $157.12 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 1.39 and a beta of 0.11. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business had revenue of $19.52 billion during the quarter, compared to analysts’ expectations of $18.79 billion. During the same period last year, the firm posted $1.42 earnings per share. The business’s revenue was up 32.4% on a year-over-year basis. On average, analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is presently 44.44%.

Insider Transactions at ConocoPhillips

In other news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares in the company, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

ConocoPhillips Profile

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.