Davis Capital Management Has $60,000 Holdings in ConocoPhillips (NYSE:COP)

Davis Capital Management raised its position in ConocoPhillips (NYSE:COP) by 35.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 606 shares of the energy producer’s stock after acquiring an additional 158 shares during the quarter. Davis Capital Management’s holdings in ConocoPhillips were worth $60,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp increased its stake in ConocoPhillips by 19.0% during the 3rd quarter. State Street Corp now owns 66,928,793 shares of the energy producer’s stock worth $7,046,263,000 after acquiring an additional 10,663,093 shares during the period. Wellington Management Group LLP lifted its stake in shares of ConocoPhillips by 20.2% in the 3rd quarter. Wellington Management Group LLP now owns 31,161,897 shares of the energy producer’s stock valued at $3,280,725,000 after acquiring an additional 5,240,016 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of ConocoPhillips by 59.7% during the third quarter. Fisher Asset Management LLC now owns 12,456,011 shares of the energy producer’s stock valued at $1,311,369,000 after purchasing an additional 4,656,040 shares in the last quarter. Pacer Advisors Inc. increased its position in ConocoPhillips by 5,422.3% in the 3rd quarter. Pacer Advisors Inc. now owns 4,587,729 shares of the energy producer’s stock valued at $482,996,000 after acquiring an additional 4,504,653 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in ConocoPhillips by 401.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,423,611 shares of the energy producer’s stock worth $438,690,000 after buying an additional 3,541,504 shares during the period. 82.36% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Arjun N. Murti bought 2,500 shares of the stock in a transaction dated Friday, December 20th. The stock was purchased 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director R A. Walker bought 10,400 shares of the company’s stock in a transaction on 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 completion of the purchase, the director now directly owns 38,000 shares in the company, valued at approximately $3,716,400. This represents a 37.68 % 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.

ConocoPhillips Stock Down 1.5 %

COP opened at $104.25 on Wednesday. ConocoPhillips has a fifty-two week low of $94.23 and a fifty-two week high of $135.18. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The stock has a market cap of $119.98 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.88 and a beta of 1.19. The firm’s fifty day moving average is $103.67 and its 200 day moving average is $107.31.

ConocoPhillips (NYSE:COP) last issued its 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. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion for the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter last year, the company earned $2.16 EPS. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. On average, sell-side analysts forecast that ConocoPhillips will post 7.68 earnings per share for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 11th were paid a dividend of $0.78 per share. The ex-dividend date was Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 dividend on an annualized basis and a yield of 2.99%. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Wall Street Analyst Weigh In

Several brokerages recently commented on COP. Piper Sandler cut 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. Evercore ISI reissued an “outperform” rating and issued a $165.00 price objective on shares of ConocoPhillips in a research note on Friday, December 6th. Truist Financial boosted their price target on shares of ConocoPhillips from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho upgraded ConocoPhillips from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $132.00 to $134.00 in a research note on Monday, December 16th. Finally, BMO Capital Markets increased their price objective on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ConocoPhillips presently has an average rating of “Buy” and a consensus target price of $136.00.

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.