Cannell & Spears LLC Grows Stake in ConocoPhillips $COP

Cannell & Spears LLC increased its stake in shares of ConocoPhillips (NYSE:COP) by 105.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,535 shares of the energy producer’s stock after purchasing an additional 15,128 shares during the period. Cannell & Spears LLC’s holdings in ConocoPhillips were worth $3,917,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of ConocoPhillips by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 120,251,183 shares of the energy producer’s stock valued at $11,256,713,000 after acquiring an additional 408,304 shares during the last quarter. Capital International Investors boosted its stake in shares of ConocoPhillips by 5.9% in the fourth quarter. Capital International Investors now owns 48,360,060 shares of the energy producer’s stock worth $4,527,230,000 after acquiring an additional 2,714,663 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of ConocoPhillips by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,450,162 shares of the energy producer’s stock worth $3,880,151,000 after acquiring an additional 2,350,645 shares during the last quarter. Franklin Resources Inc. increased its position in shares of ConocoPhillips by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 15,038,675 shares of the energy producer’s stock worth $1,407,770,000 after purchasing an additional 648,432 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of ConocoPhillips by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,847,367 shares of the energy producer’s stock worth $1,389,862,000 after purchasing an additional 193,401 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock opened at $120.30 on Friday. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87. The company has a market cap of $146.56 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.45 and a beta of 0.12. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29. The business’s 50 day moving average price is $113.50 and its 200 day moving average price is $114.23.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion during the quarter, compared to analysts’ expectations of $15.62 billion. ConocoPhillips had a return on equity of 11.39% and a net margin of 12.10%.The firm’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.09 EPS. On average, research analysts predict that ConocoPhillips will post 9.2 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were issued a $0.84 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. ConocoPhillips’s dividend payout ratio is currently 57.05%.

Analysts Set New Price Targets

COP has been the topic of a number of research reports. Morgan Stanley decreased their price objective on ConocoPhillips from $153.00 to $146.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. UBS Group dropped their target price on shares of ConocoPhillips from $155.00 to $143.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Capital One Financial reduced their target price on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating for the company in a research report on Monday, May 18th. Piper Sandler raised their price target on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 8th. Finally, Scotiabank boosted their price target on shares of ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $134.16.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.