Procyon Advisors LLC Purchases 2,859 Shares of ConocoPhillips (NYSE:COP)

Procyon Advisors LLC boosted its position in ConocoPhillips (NYSE:COP) by 17.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,838 shares of the energy producer’s stock after acquiring an additional 2,859 shares during the period. Procyon Advisors LLC’s holdings in ConocoPhillips were worth $1,868,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Cypress Capital Group boosted its stake in shares of ConocoPhillips by 0.5% in the third quarter. Cypress Capital Group now owns 18,790 shares of the energy producer’s stock worth $1,978,000 after acquiring an additional 96 shares during the period. Aprio Wealth Management LLC boosted its stake in ConocoPhillips by 4.8% in the 3rd quarter. Aprio Wealth Management LLC now owns 2,125 shares of the energy producer’s stock worth $224,000 after purchasing an additional 97 shares during the period. Godshalk Welsh Capital Management Inc. grew its holdings in ConocoPhillips by 1.2% during the 2nd quarter. Godshalk Welsh Capital Management Inc. now owns 8,751 shares of the energy producer’s stock valued at $1,001,000 after buying an additional 100 shares in the last quarter. Smithfield Trust Co raised its position in shares of ConocoPhillips by 3.3% during the third quarter. Smithfield Trust Co now owns 3,132 shares of the energy producer’s stock valued at $332,000 after buying an additional 100 shares during the last quarter. Finally, Ignite Planners LLC lifted its holdings in shares of ConocoPhillips by 1.0% in the third quarter. Ignite Planners LLC now owns 10,001 shares of the energy producer’s stock worth $1,053,000 after buying an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 82.36% of the company’s stock.

Insider Activity at ConocoPhillips

In other news, Director R A. Walker acquired 10,400 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was purchased at an average cost of $97.80 per share, for a total transaction of $1,017,120.00. Following the completion of the acquisition, the director now directly owns 38,000 shares of the company’s stock, valued at $3,716,400. The trade was a 37.68 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arjun N. Murti acquired 2,500 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was acquired at an average cost of $95.87 per share, with a total value of $239,675.00. Following the completion of the purchase, the director now owns 21,500 shares of the company’s stock, valued at $2,061,205. This trade represents a 13.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on COP shares. Morgan Stanley assumed coverage on shares of ConocoPhillips in a report on Monday, December 16th. They issued an “overweight” rating and a $128.00 price target on the stock. Scotiabank reduced their target price on ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company cut their price target on ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating for the company in a report on Tuesday. Evercore ISI reaffirmed an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised shares of ConocoPhillips from a “neutral” rating to an “overweight” rating and raised their target price for the company from $120.00 to $123.00 in a report on Thursday, December 5th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $136.00.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $105.76 on Friday. The firm has a market capitalization of $121.72 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 0.81 and a beta of 1.19. The company’s 50-day moving average is $103.91 and its 200 day moving average is $107.53. ConocoPhillips has a 1-year low of $94.23 and a 1-year high of $135.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.30 and a quick ratio of 1.16.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. During the same quarter in the previous year, the business earned $2.16 EPS. ConocoPhillips’s revenue was down 8.5% compared to the same quarter last year. Research analysts forecast that ConocoPhillips will post 7.7 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, November 8th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.95%. ConocoPhillips’s dividend payout ratio is presently 37.10%.

ConocoPhillips Company 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.