Permanent Capital Management LP Invests $435,000 in ConocoPhillips (NYSE:COP)

Permanent Capital Management LP acquired a new position in shares of ConocoPhillips (NYSE:COP) during the 4th quarter, Holdings Channel reports. The fund acquired 4,388 shares of the energy producer’s stock, valued at approximately $435,000.

Several other hedge funds have also modified their holdings of COP. Dorsey & Whitney Trust CO LLC increased its position in shares of ConocoPhillips by 20.1% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 31,566 shares of the energy producer’s stock valued at $3,130,000 after purchasing an additional 5,279 shares during the last quarter. Naviter Wealth LLC increased its position in shares of ConocoPhillips by 8.9% during the 4th quarter. Naviter Wealth LLC now owns 25,202 shares of the energy producer’s stock valued at $2,499,000 after purchasing an additional 2,055 shares during the last quarter. Larson Financial Group LLC increased its position in shares of ConocoPhillips by 18.3% during the 4th quarter. Larson Financial Group LLC now owns 27,978 shares of the energy producer’s stock valued at $2,775,000 after purchasing an additional 4,319 shares during the last quarter. HM Payson & Co. increased its position in shares of ConocoPhillips by 21.6% during the 4th quarter. HM Payson & Co. now owns 28,628 shares of the energy producer’s stock valued at $2,839,000 after purchasing an additional 5,094 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of ConocoPhillips during the 4th quarter valued at approximately $2,504,000. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP opened at $90.70 on Friday. ConocoPhillips has a 12-month low of $86.81 and a 12-month high of $135.18. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $99.53 and its 200-day simple moving average is $104.38. The company has a market capitalization of $115.40 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 0.79 and a beta of 1.12.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, February 6th. The energy producer reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.20. ConocoPhillips had a return on equity of 17.26% and a net margin of 16.23%. On average, equities research analysts anticipate that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, February 17th were paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Friday, February 14th. ConocoPhillips’s dividend payout ratio (DPR) is currently 40.05%.

Insider Buying and Selling

In related news, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost 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 of the company’s stock, valued at $3,716,400. This trade represents a 37.68 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Arjun N. Murti purchased 2,500 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was acquired at an average price of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. The trade was a 13.16 % increase in their position. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

COP has been the topic of several analyst reports. Raymond James downgraded ConocoPhillips from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $157.00 to $124.00 in a research report on Monday, February 10th. JPMorgan Chase & Co. raised ConocoPhillips from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $123.00 in a research report on Thursday, December 5th. TD Cowen assumed coverage on ConocoPhillips in a research report on Friday, January 17th. They issued a “buy” rating and a $125.00 price objective on the stock. Barclays cut their price objective on ConocoPhillips from $137.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Finally, Truist Financial upped their price objective on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.47.

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.