ConocoPhillips (NYSE:COP) Stake Increased by Biltmore Family Office LLC

Biltmore Family Office LLC raised its stake in shares of ConocoPhillips (NYSE:COP) by 5.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,869 shares of the energy producer’s stock after acquiring an additional 210 shares during the quarter. Biltmore Family Office LLC’s holdings in ConocoPhillips were worth $407,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in COP. EntryPoint Capital LLC bought a new position in ConocoPhillips during the 1st quarter worth approximately $46,000. CreativeOne Wealth LLC boosted its holdings in ConocoPhillips by 32.1% in the first quarter. CreativeOne Wealth LLC now owns 8,856 shares of the energy producer’s stock worth $1,127,000 after purchasing an additional 2,150 shares during the period. LRI Investments LLC bought a new stake in ConocoPhillips during the first quarter valued at $198,000. Epoch Investment Partners Inc. raised its holdings in shares of ConocoPhillips by 3.6% during the first quarter. Epoch Investment Partners Inc. now owns 18,872 shares of the energy producer’s stock worth $2,402,000 after purchasing an additional 660 shares during the period. Finally, Steel Grove Capital Advisors LLC lifted its position in shares of ConocoPhillips by 22.7% in the 1st quarter. Steel Grove Capital Advisors LLC now owns 8,154 shares of the energy producer’s stock worth $1,038,000 after buying an additional 1,508 shares during the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $111.71 on Friday. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The stock has a fifty day moving average price of $108.74 and a two-hundred day moving average price of $111.48. The firm has a market cap of $128.57 billion, a P/E ratio of 13.28, a PEG ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm had revenue of $13.60 billion for the quarter, compared to analyst estimates of $13.97 billion. During the same period in the previous year, the company earned $2.16 earnings per share. ConocoPhillips’s revenue was down 8.5% compared to the same quarter last year. Research analysts forecast that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.79%. ConocoPhillips’s dividend payout ratio is currently 37.10%.

Analyst Ratings Changes

COP has been the topic of several research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. UBS Group dropped their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. 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 report on Thursday, October 10th. Truist Financial dropped their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Barclays boosted their price target on shares of ConocoPhillips from $135.00 to $137.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus target price of $137.63.

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.