Grimes & Company Inc. Buys 6,357 Shares of ConocoPhillips (NYSE:COP)

Grimes & Company Inc. lifted its stake in shares of ConocoPhillips (NYSE:COP) by 114.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,933 shares of the energy producer’s stock after acquiring an additional 6,357 shares during the quarter. Grimes & Company Inc.’s holdings in ConocoPhillips were worth $1,519,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cardinal Capital Management Inc. bought a new position in shares of ConocoPhillips during the 4th quarter worth $13,468,000. Columbia Trust Co 01012016 increased its position in ConocoPhillips by 1.2% during the 4th quarter. Columbia Trust Co 01012016 now owns 9,463 shares of the energy producer’s stock valued at $1,098,000 after purchasing an additional 112 shares during the period. Raymond James & Associates raised its holdings in shares of ConocoPhillips by 1.5% in the 4th quarter. Raymond James & Associates now owns 1,563,044 shares of the energy producer’s stock valued at $181,422,000 after purchasing an additional 23,572 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of ConocoPhillips by 2.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock worth $1,234,000 after purchasing an additional 212 shares during the period. Finally, Quotient Wealth Partners LLC bought a new position in shares of ConocoPhillips during the fourth quarter valued at approximately $5,594,000. Institutional investors own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on COP. Piper Sandler upped their target price on ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Scotiabank upped their price objective on ConocoPhillips from $120.00 to $135.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 11th. Argus upgraded ConocoPhillips to a “strong-buy” rating in a research note on Friday, June 7th. Truist Financial increased their price target on shares of ConocoPhillips from $160.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, June 3rd. Finally, Bank of America restated a “buy” rating and issued a $147.00 price target on shares of ConocoPhillips in a report on Friday, June 14th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $144.18.

ConocoPhillips Stock Up 0.4 %

Shares of COP stock opened at $114.38 on Friday. ConocoPhillips has a fifty-two week low of $99.35 and a fifty-two week high of $135.18. The firm has a market capitalization of $133.77 billion, a PE ratio of 12.95, a P/E/G ratio of 2.04 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.21 and a current ratio of 1.35. The stock’s 50-day simple moving average is $118.30 and its 200-day simple moving average is $117.58.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.04. ConocoPhillips had a net margin of 18.40% and a return on equity of 20.85%. The company had revenue of $14.48 billion for the quarter, compared to the consensus estimate of $14.72 billion. Equities analysts expect that ConocoPhillips will post 8.89 earnings per share for the current year.

ConocoPhillips Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were given a dividend of $0.78 per share. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a yield of 2.73%. ConocoPhillips’s dividend payout ratio is presently 26.27%.

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.