Paloma Partners Management Co Boosts Position in ConocoPhillips (NYSE:COP)

Paloma Partners Management Co raised its stake in ConocoPhillips (NYSE:COP) by 202.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 321,944 shares of the energy producer’s stock after buying an additional 215,532 shares during the quarter. ConocoPhillips makes up about 0.9% of Paloma Partners Management Co’s investment portfolio, making the stock its 9th largest holding. Paloma Partners Management Co’s holdings in ConocoPhillips were worth $33,894,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips during the third quarter valued at about $26,000. Stephens Consulting LLC raised its stake in shares of ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips during the third quarter valued at about $31,000. Truvestments Capital LLC bought a new stake in shares of ConocoPhillips during the third quarter valued at about $31,000. Finally, Y.D. More Investments Ltd bought a new stake in shares of ConocoPhillips during the second quarter valued at about $35,000. 82.36% of the stock is currently owned by institutional investors.

ConocoPhillips Stock Up 0.9 %

Shares of ConocoPhillips stock opened at $108.34 on Monday. The firm has a market cap of $124.69 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 0.89 and a beta of 1.21. 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 has a 52-week low of $101.29 and a 52-week high of $135.18. The stock has a 50-day simple moving average of $108.77 and a 200-day simple moving average of $110.72.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The firm’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.16 EPS. On average, equities research analysts expect that ConocoPhillips will post 7.76 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.88%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s payout ratio is currently 37.10%.

Analyst Upgrades and Downgrades

COP has been the topic of a number of research analyst reports. Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 target price on shares of ConocoPhillips in a report on Friday, September 13th. UBS Group lowered their target price on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. BMO Capital Markets lifted their target price on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, ConocoPhillips currently has an average rating of “Moderate Buy” and a consensus target price of $137.63.

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.