ConocoPhillips (NYSE:COP) Shares Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC increased its holdings in shares of ConocoPhillips (NYSE:COP) by 115.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 348,299 shares of the energy producer’s stock after acquiring an additional 186,867 shares during the quarter. ConocoPhillips makes up approximately 3.8% of HITE Hedge Asset Management LLC’s holdings, making the stock its 8th biggest holding. HITE Hedge Asset Management LLC’s holdings in ConocoPhillips were worth $39,838,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Cooksen Wealth LLC bought a new stake in shares of ConocoPhillips in the 4th quarter worth approximately $27,000. Cape Investment Advisory Inc. lifted its position in ConocoPhillips by 96.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 121 shares during the last quarter. Stephens Consulting LLC boosted its stake in ConocoPhillips by 69.3% during the 2nd 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 period. Richardson Capital Management LLC bought a new position in ConocoPhillips in the 1st quarter worth about $31,000. Finally, Northwest Bank & Trust Co acquired a new stake in shares of ConocoPhillips in the fourth quarter valued at approximately $32,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $108.95 on Wednesday. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18. The stock has a market capitalization of $126.52 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 0.86 and a beta of 1.22. The company has a quick ratio of 1.19, a current ratio of 1.33 and a debt-to-equity ratio of 0.34. The stock’s fifty day simple moving average is $109.54 and its 200 day simple moving average is $116.55.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.02. ConocoPhillips had a return on equity of 20.81% and a net margin of 18.18%. The firm had revenue of $14.14 billion for the quarter, compared to the consensus estimate of $14.96 billion. During the same quarter in the previous year, the company earned $1.84 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts forecast that ConocoPhillips will post 8.14 earnings per share for the current fiscal year.

ConocoPhillips Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Monday, August 12th. ConocoPhillips’s dividend payout ratio is 26.27%.

Insiders Place Their Bets

In other news, Director Timothy A. Leach sold 55,500 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares in the company, valued at $49,288,321.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

COP has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on ConocoPhillips from $132.00 to $129.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Barclays raised their price target on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Truist Financial cut their price objective on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Wolfe Research assumed coverage on shares of ConocoPhillips in a research report on Thursday, July 18th. They issued an “outperform” rating and a $145.00 target price for the company. Finally, Raymond James reaffirmed a “strong-buy” rating and issued a $159.00 price target (up from $155.00) on shares of ConocoPhillips in a research note on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $142.29.

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.