Hidden Cove Wealth Management LLC Makes New Investment in ConocoPhillips (NYSE:COP)

Hidden Cove Wealth Management LLC bought a new stake in ConocoPhillips (NYSE:COP) in the first quarter, HoldingsChannel.com reports. The fund bought 1,919 shares of the energy producer’s stock, valued at approximately $202,000.

Other institutional investors also recently made changes to their positions in the company. Falcon Wealth Planning acquired a new position in shares of ConocoPhillips during the first quarter valued at $220,000. CNB Bank increased its holdings in shares of ConocoPhillips by 14.8% in the 1st quarter. CNB Bank now owns 9,577 shares of the energy producer’s stock worth $1,006,000 after acquiring an additional 1,232 shares during the period. Perpetual Ltd lifted its position in ConocoPhillips by 122.3% in the 1st quarter. Perpetual Ltd now owns 34,750 shares of the energy producer’s stock valued at $3,649,000 after purchasing an additional 19,119 shares during the last quarter. PDS Planning Inc boosted its stake in ConocoPhillips by 11.5% during the 1st quarter. PDS Planning Inc now owns 10,821 shares of the energy producer’s stock valued at $1,136,000 after purchasing an additional 1,113 shares during the period. Finally, Balefire LLC boosted its stake in ConocoPhillips by 3.4% during the 1st quarter. Balefire LLC now owns 25,815 shares of the energy producer’s stock valued at $2,711,000 after purchasing an additional 837 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

Shares of NYSE COP opened at $90.88 on Friday. ConocoPhillips has a twelve month low of $79.88 and a twelve month high of $118.40. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $89.93 and a two-hundred day moving average of $95.15. The company has a market capitalization of $114.89 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.41 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, May 8th. The energy producer reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. ConocoPhillips had a net margin of 16.02% and a return on equity of 16.54%. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. During the same period in the previous year, the firm earned $2.05 EPS. As a group, analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a $0.78 dividend. The ex-dividend date was Monday, May 19th. This represents a $3.12 annualized dividend and a dividend yield of 3.43%. ConocoPhillips’s dividend payout ratio is currently 39.64%.

Insider Activity

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The shares were purchased at an average price of $94.24 per share, with a total value of $499,472.00. Following the purchase, the executive vice president now owns 14,527 shares of the company’s stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank Of Canada dropped their price target on shares of ConocoPhillips from $120.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. UBS Group decreased their price objective on ConocoPhillips from $116.00 to $111.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Morgan Stanley raised their target price on ConocoPhillips from $116.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. JPMorgan Chase & Co. cut their target price on ConocoPhillips from $127.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Susquehanna decreased their price target on ConocoPhillips from $120.00 to $114.00 and set a “positive” rating for the company in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus target price of $121.50.

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.