Texas Capital Bank Wealth Management Services Inc Boosts Position in ConocoPhillips $COP

Texas Capital Bank Wealth Management Services Inc lifted its stake in ConocoPhillips (NYSE:COP) by 5.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,075 shares of the energy producer’s stock after buying an additional 3,543 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in ConocoPhillips were worth $7,359,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Second Line Capital LLC boosted its position in shares of ConocoPhillips by 2.2% in the fourth quarter. Second Line Capital LLC now owns 4,990 shares of the energy producer’s stock worth $495,000 after buying an additional 108 shares during the period. Meiji Yasuda Life Insurance Co boosted its position in shares of ConocoPhillips by 1.6% in the fourth quarter. Meiji Yasuda Life Insurance Co now owns 7,091 shares of the energy producer’s stock worth $703,000 after buying an additional 110 shares during the period. LRI Investments LLC boosted its position in shares of ConocoPhillips by 3.6% in the fourth quarter. LRI Investments LLC now owns 3,184 shares of the energy producer’s stock worth $316,000 after buying an additional 110 shares during the period. KLCM Advisors Inc. boosted its position in shares of ConocoPhillips by 2.6% in the first quarter. KLCM Advisors Inc. now owns 4,503 shares of the energy producer’s stock worth $473,000 after buying an additional 115 shares during the period. Finally, Deseret Mutual Benefit Administrators boosted its position in shares of ConocoPhillips by 3.9% in the first quarter. Deseret Mutual Benefit Administrators now owns 3,177 shares of the energy producer’s stock worth $334,000 after buying an additional 118 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Trading Down 1.4%

Shares of NYSE COP opened at $94.00 on Tuesday. The stock’s 50 day moving average price is $93.73 and its two-hundred day moving average price is $93.32. ConocoPhillips has a 52-week low of $79.88 and a 52-week high of $116.08. The stock has a market capitalization of $117.40 billion, a P/E ratio of 12.62, a PEG ratio of 2.48 and a beta of 0.67. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%. The firm had revenue of $14.94 billion for the quarter, compared to analysts’ expectations of $14.39 billion. During the same quarter in the prior year, the firm posted $1.98 earnings per share. ConocoPhillips’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts anticipate 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 will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, August 18th. ConocoPhillips’s dividend payout ratio is presently 41.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on COP shares. Citigroup decreased their target price on ConocoPhillips from $140.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Piper Sandler reissued an “overweight” rating and issued a $124.00 price target (up previously from $123.00) on shares of ConocoPhillips in a report on Monday. UBS Group increased their price target on ConocoPhillips from $111.00 to $115.00 and gave the company a “buy” rating in a report on Friday, July 11th. Mizuho reduced their price target on ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Finally, Susquehanna reduced their price target on ConocoPhillips from $114.00 to $113.00 and set a “positive” rating for the company in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.89.

Insider Buying and Selling at ConocoPhillips

In related news, EVP Kirk L. Johnson purchased 5,300 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were acquired at an average cost of $94.24 per share, for a total transaction of $499,472.00. Following the transaction, the executive vice president owned 14,527 shares of the company’s stock, valued at $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.24% of the company’s stock.

ConocoPhillips 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.