Cornerstone Select Advisors LLC Makes New Investment in ConocoPhillips (NYSE:COP)

Cornerstone Select Advisors LLC bought a new stake in ConocoPhillips (NYSE:COP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,106 shares of the energy producer’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of ConocoPhillips by 11.7% in the 4th quarter. Vanguard Group Inc. now owns 121,826,062 shares of the energy producer’s stock worth $12,081,491,000 after purchasing an additional 12,751,120 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in ConocoPhillips by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock valued at $4,546,706,000 after buying an additional 5,549,078 shares during the last quarter. Capital International Investors boosted its holdings in ConocoPhillips by 4.9% in the fourth quarter. Capital International Investors now owns 31,287,113 shares of the energy producer’s stock worth $3,101,989,000 after acquiring an additional 1,473,027 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of ConocoPhillips by 13.7% in the fourth quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock worth $2,792,521,000 after acquiring an additional 3,397,360 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of ConocoPhillips by 37.1% during the fourth quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock valued at $1,544,101,000 after acquiring an additional 4,211,939 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $87.68 on Thursday. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.36. ConocoPhillips has a 12-month low of $79.88 and a 12-month high of $124.23. The firm has a market capitalization of $110.84 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. The firm has a 50 day moving average of $93.19 and a 200 day moving average of $99.66.

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

Analysts Set New Price Targets

Several brokerages recently commented on COP. Bank of America downgraded shares of ConocoPhillips from a “buy” rating to a “neutral” rating and cut their price objective for the company from $138.00 to $107.00 in a research report on Tuesday, April 29th. Susquehanna set a $136.00 price target on shares of ConocoPhillips in a report on Tuesday, April 22nd. Barclays decreased their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Truist Financial increased their target price on ConocoPhillips from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, TD Cowen started coverage on ConocoPhillips in a report on Friday, January 17th. They issued a “buy” rating and a $125.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $124.79.

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.