Garner Asset Management Corp Buys 4,346 Shares of ConocoPhillips (NYSE:COP)

Garner Asset Management Corp grew its stake in ConocoPhillips (NYSE:COP) by 24.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,056 shares of the energy producer’s stock after purchasing an additional 4,346 shares during the period. ConocoPhillips makes up about 1.0% of Garner Asset Management Corp’s portfolio, making the stock its 26th biggest position. Garner Asset Management Corp’s holdings in ConocoPhillips were worth $2,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. EntryPoint Capital LLC purchased a new position in ConocoPhillips during the 1st quarter worth $46,000. Epoch Investment Partners Inc. increased its holdings in ConocoPhillips by 3.6% during the 1st quarter. Epoch Investment Partners Inc. now owns 18,872 shares of the energy producer’s stock worth $2,402,000 after purchasing an additional 660 shares during the period. Ascent Group LLC increased its holdings in shares of ConocoPhillips by 142.1% in the 1st quarter. Ascent Group LLC now owns 18,256 shares of the energy producer’s stock valued at $2,324,000 after acquiring an additional 10,716 shares during the period. Silvercrest Asset Management Group LLC increased its holdings in shares of ConocoPhillips by 1.5% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 270,009 shares of the energy producer’s stock valued at $34,367,000 after acquiring an additional 3,888 shares during the period. Finally, Waverly Advisors LLC increased its holdings in shares of ConocoPhillips by 33.1% in the 1st quarter. Waverly Advisors LLC now owns 8,131 shares of the energy producer’s stock valued at $1,035,000 after acquiring an additional 2,023 shares during the period. 82.36% of the stock is owned by institutional investors.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $111.75 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18. The business has a 50-day moving average price of $108.91 and a 200 day moving average price of $111.32. The firm has a market cap of $128.61 billion, a PE ratio of 13.29, a P/E/G ratio of 0.91 and a beta of 1.21.

ConocoPhillips (NYSE:COP) last posted its quarterly earnings data on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $13.97 billion. During the same period in the previous year, the business earned $2.16 EPS. ConocoPhillips’s quarterly revenue was down 8.5% on a year-over-year basis. Sell-side analysts predict that ConocoPhillips will post 7.8 earnings per share for the current fiscal 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. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. This represents a $3.12 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, November 8th. ConocoPhillips’s payout ratio is 37.10%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on COP shares. Wells Fargo & Company reissued a “sector perform” rating on shares of ConocoPhillips in a research report on Friday, October 18th. Truist Financial lowered their price target 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 reaffirmed an “outperform” rating and set a $140.00 price target on shares of ConocoPhillips in a research report on Friday, September 13th. Barclays lifted their price target on ConocoPhillips from $135.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Finally, Mizuho lifted their price target on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips 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.