ConocoPhillips (NYSE:COP) Stake Boosted by Trueblood Wealth Management LLC

Trueblood Wealth Management LLC lifted its stake in shares of ConocoPhillips (NYSE:COP) by 237.3% during the fourth quarter, Holdings Channel reports. The firm owned 8,533 shares of the energy producer’s stock after buying an additional 6,003 shares during the period. Trueblood Wealth Management LLC’s holdings in ConocoPhillips were worth $846,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in COP. Benjamin F. Edwards & Company Inc. increased its holdings in shares of ConocoPhillips by 25.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 37,493 shares of the energy producer’s stock worth $4,289,000 after acquiring an additional 7,545 shares during the period. Canada Pension Plan Investment Board grew its position in ConocoPhillips by 49.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 117,623 shares of the energy producer’s stock worth $13,454,000 after purchasing an additional 39,016 shares during the last quarter. AE Wealth Management LLC increased its stake in shares of ConocoPhillips by 6.6% in the second quarter. AE Wealth Management LLC now owns 32,342 shares of the energy producer’s stock valued at $3,699,000 after purchasing an additional 1,995 shares during the period. Sei Investments Co. raised its holdings in shares of ConocoPhillips by 6.6% during the second quarter. Sei Investments Co. now owns 586,391 shares of the energy producer’s stock valued at $67,073,000 after buying an additional 36,545 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of ConocoPhillips by 135.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,378 shares of the energy producer’s stock worth $1,645,000 after buying an additional 8,270 shares during the period. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

COP stock opened at $105.76 on Monday. ConocoPhillips has a one year low of $94.23 and a one year high of $135.18. 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 firm has a market capitalization of $121.72 billion, a PE ratio of 12.58, a P/E/G ratio of 0.81 and a beta of 1.19. The firm has a 50-day moving average of $103.79 and a two-hundred day moving average of $107.43.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.16 earnings per share. On average, analysts forecast that ConocoPhillips will post 7.7 earnings per share for the current year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 11th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a yield of 2.95%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Analysts Set New Price Targets

Several analysts recently commented on the company. TD Cowen assumed coverage on ConocoPhillips in a research report on Friday. They issued a “buy” rating and a $125.00 target price on the stock. Scotiabank lowered their price target on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. BMO Capital Markets increased their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Mizuho raised shares of ConocoPhillips from a “neutral” rating to an “outperform” rating and raised their target price for the company from $132.00 to $134.00 in a research note on Monday, December 16th. Finally, Piper Sandler decreased their price objective on shares of ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $136.00.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director R A. Walker bought 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the purchase, the director now directly owns 38,000 shares in the company, valued at $3,716,400. This trade represents a 37.68 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arjun N. Murti purchased 2,500 shares of the company’s stock in a transaction on Friday, December 20th. The stock was acquired at an average cost of $95.87 per share, for a total transaction of $239,675.00. Following the completion of the transaction, the director now owns 21,500 shares in the company, valued at approximately $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

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.