Larson Financial Group LLC lifted its stake in shares of ConocoPhillips (NYSE:COP) by 170.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 762 shares of the energy producer’s stock after purchasing an additional 480 shares during the period. Larson Financial Group LLC’s holdings in ConocoPhillips were worth $43,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Country Trust Bank increased its stake in shares of ConocoPhillips by 2.4% during the 3rd quarter. Country Trust Bank now owns 299,115 shares of the energy producer’s stock worth $17,044,000 after purchasing an additional 6,948 shares during the last quarter. Juncture Wealth Strategies LLC increased its stake in shares of ConocoPhillips by 3.7% during the 3rd quarter. Juncture Wealth Strategies LLC now owns 8,500 shares of the energy producer’s stock worth $484,000 after purchasing an additional 300 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of ConocoPhillips by 7.9% during the 3rd quarter. Pacer Advisors Inc. now owns 210,437 shares of the energy producer’s stock worth $11,991,000 after purchasing an additional 15,354 shares during the last quarter. Legacy Private Trust Co. purchased a new stake in shares of ConocoPhillips during the 3rd quarter worth approximately $988,000. Finally, We Are One Seven LLC increased its stake in shares of ConocoPhillips by 6.9% during the 3rd quarter. We Are One Seven LLC now owns 27,333 shares of the energy producer’s stock worth $1,557,000 after purchasing an additional 1,775 shares during the last quarter. Institutional investors own 71.40% of the company’s stock.
Several equities research analysts have recently issued reports on the stock. Barclays assumed coverage on shares of ConocoPhillips in a research note on Monday, August 19th. They set an “overweight” rating and a $79.00 price target for the company. Zacks Investment Research upgraded shares of ConocoPhillips from a “strong sell” rating to a “hold” rating and set a $52.00 price target for the company in a research note on Thursday, July 11th. Bank of America upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Wednesday, July 17th. Morgan Stanley decreased their price target on shares of ConocoPhillips from $84.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, UBS Group upgraded shares of ConocoPhillips from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $70.00 to $75.00 in a research note on Monday, September 16th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $74.50.
ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Tuesday, July 30th. The energy producer reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). ConocoPhillips had a net margin of 18.33% and a return on equity of 15.96%. The business had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $9.42 billion. During the same quarter in the prior year, the firm posted $1.09 earnings per share. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities research analysts forecast that ConocoPhillips will post 3.76 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, October 17th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.98%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.31. The ex-dividend date is Wednesday, October 16th. ConocoPhillips’s payout ratio is currently 26.93%.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. The company primarily engages in the tight oil reservoirs, LNG, oil sands, and other production operations. Its portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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