Elevation Point Wealth Partners LLC Raises Stake in ConocoPhillips $COP

Elevation Point Wealth Partners LLC boosted its stake in shares of ConocoPhillips (NYSE:COP) by 106.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,252 shares of the energy producer’s stock after buying an additional 22,332 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in ConocoPhillips were worth $5,709,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Natixis Advisors LLC boosted its stake in ConocoPhillips by 8.7% in the third quarter. Natixis Advisors LLC now owns 1,996,426 shares of the energy producer’s stock valued at $188,842,000 after acquiring an additional 160,410 shares during the period. Concurrent Investment Advisors LLC boosted its position in ConocoPhillips by 31.2% during the 4th quarter. Concurrent Investment Advisors LLC now owns 86,171 shares of the energy producer’s stock valued at $8,067,000 after purchasing an additional 20,501 shares during the period. SPX Gestao de Recursos Ltda bought a new position in ConocoPhillips during the 3rd quarter worth $1,892,000. D.A. Davidson & CO. increased its position in ConocoPhillips by 10.5% in the fourth quarter. D.A. Davidson & CO. now owns 155,662 shares of the energy producer’s stock worth $14,572,000 after buying an additional 14,833 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of ConocoPhillips by 7.9% during the third quarter. Van ECK Associates Corp now owns 195,110 shares of the energy producer’s stock valued at $18,455,000 after acquiring an additional 14,245 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

COP stock opened at $104.64 on Friday. The firm has a 50-day moving average of $115.76 and a two-hundred day moving average of $112.13. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $127.48 billion, a PE ratio of 17.77, a P/E/G ratio of 1.20 and a beta of 0.12.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $2.09 EPS. On average, analysts forecast that ConocoPhillips will post 9.66 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were given 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 3.2%. ConocoPhillips’s dividend payout ratio (DPR) is currently 57.05%.

Analysts Set New Price Targets

A number of research firms recently weighed in on COP. Sanford C. Bernstein increased their price objective on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Freedom Capital lowered shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Barclays raised their price target on shares of ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Weiss Ratings reissued a “hold (c)” rating on shares of ConocoPhillips in a report on Wednesday, June 3rd. Finally, Raymond James Financial lowered their target price on ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating on the stock in a research report on Monday, June 1st. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $134.76.

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.