Kornitzer Capital Management Inc. KS Acquires 1,600 Shares of ConocoPhillips (NYSE:COP)

Kornitzer Capital Management Inc. KS grew its holdings in ConocoPhillips (NYSE:COP) by 0.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 535,483 shares of the energy producer’s stock after buying an additional 1,600 shares during the period. ConocoPhillips makes up 1.0% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 20th largest holding. Kornitzer Capital Management Inc. KS’s holdings in ConocoPhillips were worth $53,104,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Albion Financial Group UT increased its stake in ConocoPhillips by 876.9% during the fourth quarter. Albion Financial Group UT now owns 254 shares of the energy producer’s stock worth $25,000 after acquiring an additional 228 shares during the last quarter. Values First Advisors Inc. bought a new position in shares of ConocoPhillips during the 3rd quarter valued at approximately $26,000. Reston Wealth Management LLC purchased a new stake in ConocoPhillips during the 3rd quarter valued at $31,000. Truvestments Capital LLC purchased a new position in ConocoPhillips during the third quarter worth $31,000. Finally, Global Wealth Strategies & Associates increased its position in ConocoPhillips by 80.5% during the fourth quarter. Global Wealth Strategies & Associates now owns 343 shares of the energy producer’s stock valued at $34,000 after acquiring an additional 153 shares during the last quarter. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of NYSE:COP opened at $96.39 on Tuesday. The firm has a 50 day moving average of $100.44 and a 200 day moving average of $105.69. The company has a quick ratio of 1.16, a current ratio of 1.29 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $110.93 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 0.77 and a beta of 1.18. ConocoPhillips has a 52 week low of $94.23 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a net margin of 16.23% and a return on equity of 17.26%. On average, sell-side analysts predict that ConocoPhillips will post 8.3 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 17th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $3.12 annualized dividend and a yield of 3.24%. ConocoPhillips’s dividend payout ratio (DPR) is 40.05%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on COP shares. Susquehanna lifted their price target on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. UBS Group dropped their target price on ConocoPhillips from $140.00 to $137.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Truist Financial increased their price target on ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho raised ConocoPhillips from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $132.00 to $134.00 in a research report on Monday, December 16th. Finally, Evercore ISI reiterated an “outperform” rating and set a $165.00 target price on shares of ConocoPhillips in a research report on Friday, December 6th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $133.56.

About ConocoPhillips

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.