Cornerstone Advisors LLC Raises Holdings in ConocoPhillips (NYSE:COP)

Cornerstone Advisors LLC grew its holdings in ConocoPhillips (NYSE:COP) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,000 shares of the energy producer’s stock after buying an additional 6,100 shares during the quarter. Cornerstone Advisors LLC’s holdings in ConocoPhillips were worth $6,738,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its stake in shares of ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock valued at $4,097,473,000 after purchasing an additional 8,479,963 shares during the period. International Assets Investment Management LLC increased its holdings in ConocoPhillips by 10,634.2% in the third quarter. International Assets Investment Management LLC now owns 1,205,666 shares of the energy producer’s stock valued at $126,933,000 after buying an additional 1,194,434 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of ConocoPhillips by 19.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,811,289 shares of the energy producer’s stock valued at $717,093,000 after acquiring an additional 1,101,685 shares during the period. Encompass Capital Advisors LLC purchased a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $60,050,000. Finally, Swedbank AB acquired a new stake in shares of ConocoPhillips in the 1st quarter worth approximately $66,495,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

ConocoPhillips Price Performance

ConocoPhillips stock opened at $113.43 on Thursday. The firm has a 50 day moving average price of $108.57 and a 200 day moving average price of $111.48. ConocoPhillips has a 1 year low of $101.29 and a 1 year 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 company has a market cap of $130.55 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.92 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last posted its earnings results 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 business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. During the same quarter last year, the firm earned $2.16 earnings per share. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. Sell-side analysts predict that ConocoPhillips will post 7.8 earnings per share for the current year.

ConocoPhillips Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a dividend of $0.78 per share. The ex-dividend date is Friday, November 8th. This represents a $3.12 annualized dividend and a yield of 2.75%. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is presently 37.10%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on COP shares. Mizuho lifted their price objective on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. BMO Capital Markets boosted their price objective on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of ConocoPhillips in a research note on Friday, September 13th. Susquehanna lifted their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a research report on Friday, November 1st. Finally, UBS Group lowered their price target on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Six 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 company’s stock. According to MarketBeat.com, the company presently 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.