Fragasso Financial Advisors Inc Buys New Stake in ConocoPhillips (NYSE:COP)

Fragasso Financial Advisors Inc purchased a new stake in ConocoPhillips (NYSE:COP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,516 shares of the energy producer’s stock, valued at approximately $349,000.

Several other large investors also recently bought and sold shares of COP. State Street Corp lifted its holdings in shares of ConocoPhillips by 19.0% in the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock valued at $7,046,263,000 after purchasing an additional 10,663,093 shares during the last quarter. Wellington Management Group LLP increased its position in ConocoPhillips by 20.2% during the third quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock worth $3,280,725,000 after buying an additional 5,240,016 shares during the period. Fisher Asset Management LLC lifted its stake in ConocoPhillips by 59.7% in the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock valued at $1,311,369,000 after buying an additional 4,656,040 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of ConocoPhillips by 5,422.3% in the third quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after acquiring an additional 4,504,653 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of ConocoPhillips by 12.5% during the third quarter. Franklin Resources Inc. now owns 13,557,351 shares of the energy producer’s stock worth $1,469,163,000 after acquiring an additional 1,506,599 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on COP. UBS Group decreased their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Truist Financial raised their price target on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday. Scotiabank reduced their price objective on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Piper Sandler decreased their price objective on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $132.00 to $134.00 in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips currently has a consensus rating of “Buy” and an average target price of $136.76.

ConocoPhillips Stock Up 2.3 %

COP stock opened at $104.29 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $104.30 and its 200 day moving average price is $107.63. ConocoPhillips has a 52 week low of $94.23 and a 52 week high of $135.18. The company has a market cap of $120.03 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.83 and a beta of 1.19.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same quarter in the previous year, the company earned $2.16 EPS. The company’s quarterly revenue was down 8.5% on a year-over-year basis. On average, research analysts expect that ConocoPhillips will post 7.77 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were given a $0.78 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.99%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Insider Transactions at ConocoPhillips

In related news, Director Arjun N. Murti bought 2,500 shares of ConocoPhillips stock in a transaction that occurred on Friday, December 20th. The shares were purchased at an average price of $95.87 per share, with a total value of $239,675.00. Following the purchase, the director now owns 21,500 shares in the company, valued at $2,061,205. This represents a 13.16 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director R A. Walker bought 10,400 shares of the stock in a transaction on Tuesday, December 17th. The shares were bought at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the acquisition, the director now owns 38,000 shares in the company, valued at $3,716,400. The trade was a 37.68 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.34% of the company’s stock.

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.