Accel Wealth Management Takes $354,000 Position in ConocoPhillips (NYSE:COP)

Accel Wealth Management bought a new position in ConocoPhillips (NYSE:COP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,782 shares of the energy producer’s stock, valued at approximately $354,000.

A number of other hedge funds have also modified their holdings of the stock. First Trust Direct Indexing L.P. grew its holdings in shares of ConocoPhillips by 5.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 26,083 shares of the energy producer’s stock worth $3,320,000 after acquiring an additional 1,390 shares during the last quarter. Kovack Advisors Inc. grew its holdings in shares of ConocoPhillips by 5.6% in the 1st quarter. Kovack Advisors Inc. now owns 24,549 shares of the energy producer’s stock worth $3,125,000 after acquiring an additional 1,308 shares during the last quarter. Massachusetts Wealth Management grew its holdings in shares of ConocoPhillips by 0.3% in the 1st quarter. Massachusetts Wealth Management now owns 31,608 shares of the energy producer’s stock worth $4,023,000 after acquiring an additional 100 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of ConocoPhillips by 50.0% in the 1st quarter. Westside Investment Management Inc. now owns 1,500 shares of the energy producer’s stock worth $192,000 after acquiring an additional 500 shares during the last quarter. Finally, Norden Group LLC grew its holdings in shares of ConocoPhillips by 2,634.9% in the 1st quarter. Norden Group LLC now owns 124,440 shares of the energy producer’s stock worth $15,838,000 after acquiring an additional 119,890 shares during the last quarter. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on COP. Morgan Stanley lifted their price target on ConocoPhillips from $123.00 to $129.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Scotiabank lifted their price target on ConocoPhillips from $120.00 to $135.00 and gave the company a “sector perform” rating in a report on Thursday, April 11th. Barclays lifted their price target on ConocoPhillips from $158.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Argus upgraded ConocoPhillips to a “strong-buy” rating in a report on Friday, June 7th. Finally, Wells Fargo & Company lifted their price target on ConocoPhillips from $149.00 to $151.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.18.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $114.77 on Friday. ConocoPhillips has a fifty-two week low of $99.35 and a fifty-two week high of $135.18. The business has a 50-day moving average of $117.09 and a two-hundred day moving average of $117.57. The stock has a market capitalization of $134.23 billion, a P/E ratio of 13.00, a P/E/G ratio of 2.05 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.35 and a quick ratio of 1.21.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, May 2nd. The energy producer reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $14.72 billion. On average, equities research analysts predict that ConocoPhillips will post 8.89 EPS for the current fiscal year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 13th were given a $0.78 dividend. The ex-dividend date was Friday, May 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.72%. 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.