Savoie Capital LLC Raises Stake in ConocoPhillips (NYSE:COP)

Savoie Capital LLC increased its stake in ConocoPhillips (NYSE:COP) by 12.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,246 shares of the energy producer’s stock after purchasing an additional 10,000 shares during the quarter. ConocoPhillips accounts for 1.3% of Savoie Capital LLC’s investment portfolio, making the stock its 18th largest position. Savoie Capital LLC’s holdings in ConocoPhillips were worth $9,979,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cooksen Wealth LLC purchased a new position in ConocoPhillips in the fourth quarter valued at about $27,000. Cape Investment Advisory Inc. raised its holdings in ConocoPhillips by 96.0% during the fourth 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 last quarter. Stephens Consulting LLC raised its holdings in ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after purchasing an additional 104 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in ConocoPhillips in the first quarter valued at $31,000. Finally, Northwest Bank & Trust Co acquired a new stake in ConocoPhillips in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on COP. Wolfe Research started coverage on ConocoPhillips in a research note on Thursday, July 18th. They set an “outperform” rating and a $145.00 price target for the company. StockNews.com lowered shares of ConocoPhillips from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Truist Financial lowered their price target on shares of ConocoPhillips from $147.00 to $145.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna cut their price objective on ConocoPhillips from $154.00 to $147.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Finally, Sanford C. Bernstein dropped their price target on ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.29.

ConocoPhillips Stock Performance

Shares of COP stock opened at $109.69 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.19 and a current ratio of 1.33. The firm has a market capitalization of $127.38 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 0.80 and a beta of 1.22. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The company has a 50 day moving average price of $109.66 and a 200 day moving average price of $116.58.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, August 1st. The energy producer reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.02. The company had revenue of $14.14 billion during the quarter, compared to analysts’ expectations of $14.96 billion. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.84 EPS. Sell-side analysts anticipate that ConocoPhillips will post 8.41 EPS for the current year.

ConocoPhillips Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.58 per share. The ex-dividend date was Monday, August 12th. This represents a $2.32 annualized dividend and a yield of 2.12%. ConocoPhillips’s dividend payout ratio is presently 26.27%.

Insider Transactions at ConocoPhillips

In other news, Director Timothy A. Leach sold 55,500 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $108.11, for a total transaction of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares in the company, valued at approximately $49,288,321.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

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.