Miracle Mile Advisors LLC Raises Stock Holdings in ConocoPhillips (NYSE:COP)

Miracle Mile Advisors LLC grew its stake in ConocoPhillips (NYSE:COP) by 49.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,438 shares of the energy producer’s stock after acquiring an additional 8,418 shares during the quarter. Miracle Mile Advisors LLC’s holdings in ConocoPhillips were worth $3,238,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Orion Capital Management LLC acquired a new position in ConocoPhillips in the third quarter valued at $27,000. West Branch Capital LLC increased its stake in ConocoPhillips by 87.8% in the fourth quarter. West Branch Capital LLC now owns 231 shares of the energy producer’s stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. Sachetta LLC acquired a new stake in ConocoPhillips during the fourth quarter worth about $27,000. Cooksen Wealth LLC purchased a new position in shares of ConocoPhillips in the 4th quarter worth about $27,000. Finally, Cape Investment Advisory Inc. raised its holdings in shares of ConocoPhillips by 96.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 247 shares of the energy producer’s stock worth $29,000 after purchasing an additional 121 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on COP. Susquehanna raised their price objective on ConocoPhillips from $133.00 to $154.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Mizuho cut their price objective on ConocoPhillips from $142.00 to $132.00 and set a “neutral” rating on the stock in a report on Wednesday, June 5th. Raymond James restated a “strong-buy” rating and issued a $159.00 price objective (up from $155.00) on shares of ConocoPhillips in a report on Thursday, May 30th. Morgan Stanley raised their price objective on ConocoPhillips from $123.00 to $129.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Truist Financial raised their price objective on ConocoPhillips from $160.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, June 3rd. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, ConocoPhillips has a consensus rating of “Moderate Buy” and a consensus price target of $144.18.

ConocoPhillips Price Performance

Shares of COP opened at $114.37 on Tuesday. The firm has a market cap of $133.76 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 2.04 and a beta of 1.24. The stock has a 50 day moving average of $118.30 and a 200-day moving average of $117.62. The company has a current ratio of 1.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 52 week low of $99.35 and a 52 week high of $135.18.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, May 2nd. The energy producer reported $2.03 EPS for the quarter, topping the consensus estimate of $1.99 by $0.04. ConocoPhillips had a return on equity of 20.85% and a net margin of 18.40%. The company had revenue of $14.48 billion during the quarter, compared to analyst estimates of $14.72 billion. As a group, analysts forecast that ConocoPhillips will post 8.89 EPS for the current year.

ConocoPhillips Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 13th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a yield of 2.73%. ConocoPhillips’s dividend payout ratio is currently 26.27%.

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.