ConocoPhillips (NYSE:COP) Stock Position Boosted by Encompass More Asset Management

Encompass More Asset Management boosted its position in ConocoPhillips (NYSE:COP) by 14.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,146 shares of the energy producer’s stock after purchasing an additional 659 shares during the period. Encompass More Asset Management’s holdings in ConocoPhillips were worth $542,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of COP. Point72 Europe London LLP boosted its holdings in ConocoPhillips by 32.2% during the third quarter. Point72 Europe London LLP now owns 315,529 shares of the energy producer’s stock worth $33,219,000 after buying an additional 76,845 shares in the last quarter. Circle Wealth Management LLC boosted its stake in ConocoPhillips by 6.0% in the 3rd quarter. Circle Wealth Management LLC now owns 9,352 shares of the energy producer’s stock worth $985,000 after purchasing an additional 533 shares during the period. Atlantic Union Bankshares Corp boosted its stake in ConocoPhillips by 13.3% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 54,639 shares of the energy producer’s stock worth $5,752,000 after purchasing an additional 6,423 shares during the period. Icon Wealth Advisors LLC grew its position in ConocoPhillips by 1.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 11,998 shares of the energy producer’s stock worth $1,263,000 after purchasing an additional 183 shares in the last quarter. Finally, Vinva Investment Management Ltd raised its position in ConocoPhillips by 82.4% during the third quarter. Vinva Investment Management Ltd now owns 87,238 shares of the energy producer’s stock valued at $9,136,000 after buying an additional 39,416 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

COP has been the topic of a number of research analyst reports. Scotiabank lowered their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Susquehanna raised their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research report on Friday, November 1st. Truist Financial decreased their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. UBS Group reduced their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.63.

ConocoPhillips Price Performance

NYSE COP opened at $108.37 on Friday. The stock has a 50-day simple moving average of $108.77 and a 200 day simple moving average of $110.86. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The stock has a market capitalization of $124.72 billion, a PE ratio of 12.89, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The company had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.16 earnings per share. Research analysts anticipate that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.88%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. ConocoPhillips’s dividend payout ratio (DPR) is currently 37.10%.

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.