ConocoPhillips (NYSE:COP) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp boosted its holdings in ConocoPhillips (NYSE:COP) by 2.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,316,602 shares of the energy producer’s stock after purchasing an additional 56,696 shares during the quarter. ConocoPhillips makes up 1.0% of King Luther Capital Management Corp’s portfolio, making the stock its 26th biggest holding. King Luther Capital Management Corp owned approximately 0.20% of ConocoPhillips worth $243,892,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in COP. Values First Advisors Inc. acquired a new position in ConocoPhillips during the 3rd quarter valued at about $26,000. Stephens Consulting LLC grew its stake in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares during the last quarter. Reston Wealth Management LLC acquired a new position in ConocoPhillips during the third quarter valued at approximately $31,000. Y.D. More Investments Ltd bought a new position in shares of ConocoPhillips during the 2nd quarter worth approximately $35,000. Finally, Fairway Wealth LLC increased its holdings in shares of ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after acquiring an additional 153 shares during the last quarter. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $113.43 on Thursday. The firm has a 50 day simple moving average of $108.57 and a 200-day simple moving average of $111.48. The stock has a market cap of $130.55 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 0.92 and a beta of 1.21. 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 current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.16 EPS. On average, analysts expect that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.75%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on COP. Scotiabank decreased their target price on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Truist Financial reduced their price objective on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Mizuho raised their target price on shares of ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. BMO Capital Markets upped their price objective on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Finally, UBS Group lowered their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Six equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $137.63.

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.