Golden State Wealth Management LLC Invests $368,000 in ConocoPhillips (NYSE:COP)

Golden State Wealth Management LLC purchased a new stake in shares of ConocoPhillips (NYSE:COP) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 3,714 shares of the energy producer’s stock, valued at approximately $368,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cypress Capital Group boosted its position 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 buying an additional 96 shares during the period. Orrstown Financial Services Inc. lifted its stake in ConocoPhillips by 3.0% in the 4th quarter. Orrstown Financial Services Inc. now owns 3,342 shares of the energy producer’s stock worth $331,000 after acquiring an additional 96 shares in the last quarter. Smithfield Trust Co boosted its position in ConocoPhillips by 3.3% during the 3rd quarter. Smithfield Trust Co now owns 3,132 shares of the energy producer’s stock worth $332,000 after acquiring an additional 100 shares during the period. Asset Dedication LLC grew its stake in ConocoPhillips by 2.5% during the 3rd quarter. Asset Dedication LLC now owns 4,202 shares of the energy producer’s stock valued at $442,000 after acquiring an additional 102 shares in the last quarter. Finally, Verus Capital Partners LLC increased its holdings in shares of ConocoPhillips by 2.0% in the 3rd quarter. Verus Capital Partners LLC now owns 5,137 shares of the energy producer’s stock valued at $541,000 after purchasing an additional 102 shares during the period. Hedge funds and other institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of NYSE COP opened at $98.34 on Friday. ConocoPhillips has a 12 month low of $94.23 and a 12 month high of $135.18. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a market cap of $113.18 billion, a P/E ratio of 11.69, a P/E/G ratio of 0.76 and a beta of 1.18. The business’s 50 day moving average is $101.25 and its two-hundred day moving average is $106.28.

ConocoPhillips (NYSE:COP) last released its earnings results on Thursday, February 6th. The energy producer reported $1.98 EPS for the quarter, beating the consensus estimate of $1.78 by $0.20. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. On average, equities analysts expect that ConocoPhillips will post 7.64 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 17th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Friday, February 14th. ConocoPhillips’s dividend payout ratio (DPR) is presently 37.10%.

Analysts Set New Price Targets

A number of brokerages have issued reports on COP. Morgan Stanley initiated coverage on shares of ConocoPhillips in a research note on Monday, December 16th. They set an “overweight” rating and a $128.00 target price for the company. Piper Sandler dropped their target price on ConocoPhillips from $135.00 to $114.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. TD Cowen started coverage on ConocoPhillips in a report on Friday, January 17th. They set a “buy” rating and a $125.00 price target for the company. Wells Fargo & Company lowered their price target on ConocoPhillips from $134.00 to $132.00 and set an “overweight” rating for the company in a research note on Tuesday, January 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $165.00 price objective on shares of ConocoPhillips in a research report on Friday, December 6th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $135.89.

Insider Activity at ConocoPhillips

In other ConocoPhillips news, Director R A. Walker acquired 10,400 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was bought at an average price of $97.80 per share, for a total transaction of $1,017,120.00. Following the purchase, the director now owns 38,000 shares in the company, valued at $3,716,400. This represents a 37.68 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Arjun N. Murti bought 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, for a total transaction of $239,675.00. Following 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. Corporate insiders own 0.34% of the company’s stock.

About ConocoPhillips

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.