ConocoPhillips (NYSE:COP) Sees Significant Growth in Short Interest

ConocoPhillips (NYSE:COP) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 17,940,000 shares, an increase of 10.1% from the May 31st total of 16,290,000 shares. Based on an average daily trading volume, of 5,600,000 shares, the days-to-cover ratio is currently 3.2 days. Currently, 1.6% of the company’s stock are sold short.

Hedge Funds Weigh In On ConocoPhillips

A number of hedge funds have recently made changes to their positions in COP. Cardinal Capital Management Inc. acquired a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $13,468,000. Columbia Trust Co 01012016 increased its holdings in shares of ConocoPhillips by 1.2% in the fourth 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 last quarter. Raymond James & Associates increased its holdings in shares of ConocoPhillips by 1.5% in the fourth 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 during the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of ConocoPhillips by 2.2% in the first quarter. Harbor Investment Advisory LLC now owns 9,697 shares of the energy producer’s stock valued at $1,234,000 after purchasing an additional 212 shares during the last quarter. Finally, Quotient Wealth Partners LLC acquired a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $5,594,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on COP. Wells Fargo & Company boosted their target price on ConocoPhillips from $149.00 to $151.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Piper Sandler boosted their target price on ConocoPhillips from $145.00 to $157.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Barclays boosted their price target on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. StockNews.com upgraded ConocoPhillips from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. Finally, Morgan Stanley boosted their price target on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.18.

ConocoPhillips Stock Performance

NYSE COP opened at $114.37 on Tuesday. The stock has a market capitalization of $133.76 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 2.04 and a beta of 1.24. ConocoPhillips has a twelve month low of $99.35 and a twelve month high of $135.18. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $118.30 and a 200 day moving average of $117.62.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The business had revenue of $14.48 billion during the quarter, compared to analysts’ expectations of $14.72 billion. Sell-side analysts anticipate that ConocoPhillips will post 8.89 EPS for the current fiscal year.

ConocoPhillips Announces Dividend

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

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.