Balboa Wealth Partners Buys Shares of 2,309 ConocoPhillips (NYSE:COP)

Balboa Wealth Partners bought a new stake in ConocoPhillips (NYSE:COP) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,309 shares of the energy producer’s stock, valued at approximately $243,000.

Several other institutional investors also recently modified their holdings of COP. Oak Harbor Wealth Partners LLC grew its holdings in ConocoPhillips by 10.8% during the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 2,050 shares of the energy producer’s stock worth $216,000 after acquiring an additional 200 shares during the period. Sargent Investment Group LLC boosted its position in shares of ConocoPhillips by 19.0% in the 3rd quarter. Sargent Investment Group LLC now owns 12,556 shares of the energy producer’s stock worth $1,322,000 after purchasing an additional 2,008 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of ConocoPhillips by 3.8% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 54,299 shares of the energy producer’s stock worth $5,717,000 after purchasing an additional 1,982 shares during the period. Metis Global Partners LLC increased its holdings in ConocoPhillips by 9.6% in the third quarter. Metis Global Partners LLC now owns 49,932 shares of the energy producer’s stock valued at $5,257,000 after purchasing an additional 4,365 shares during the last quarter. Finally, KBC Group NV lifted its stake in ConocoPhillips by 16.2% in the third quarter. KBC Group NV now owns 390,401 shares of the energy producer’s stock valued at $41,101,000 after buying an additional 54,526 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

Shares of COP opened at $112.32 on Friday. The stock has a market capitalization of $129.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.91 and a beta of 1.21. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The firm has a fifty day simple moving average of $107.88 and a 200 day simple moving average of $111.90. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion during the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. ConocoPhillips’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.16 EPS. Research analysts forecast that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be given a dividend of $0.78 per share. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 2.78%. ConocoPhillips’s payout ratio is 37.10%.

Wall Street Analysts Forecast Growth

COP has been the subject of several analyst reports. Truist Financial decreased their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a report on Friday, September 13th. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Scotiabank decreased their price target on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a report on Thursday, October 10th. Finally, Susquehanna raised their price objective on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research note on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $137.63.

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.