Brown Brothers Harriman & Co. Purchases 631 Shares of ConocoPhillips (NYSE:COP)

Brown Brothers Harriman & Co. grew its position in ConocoPhillips (NYSE:COP) by 12.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 5,616 shares of the energy producer’s stock after purchasing an additional 631 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in ConocoPhillips were worth $591,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Values First Advisors Inc. bought a new position in ConocoPhillips during the third quarter worth about $26,000. Stephens Consulting LLC lifted its holdings in shares of ConocoPhillips by 69.3% during the 2nd 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 acquired a new position in shares of ConocoPhillips in the 3rd quarter valued at approximately $31,000. Y.D. More Investments Ltd bought a new stake in ConocoPhillips during the 2nd quarter worth approximately $35,000. Finally, Fairway Wealth LLC lifted its stake in ConocoPhillips by 95.6% in the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after buying an additional 153 shares in the last quarter. 82.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on COP. UBS Group lowered their price objective on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Truist Financial lowered their target price on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a report on Monday, September 30th. BMO Capital Markets upped their price objective on 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 reiterated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a report on Friday, September 13th. Finally, Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $137.63.

ConocoPhillips Stock Performance

Shares of COP stock opened at $106.80 on Wednesday. The company has a fifty day moving average price of $108.89 and a two-hundred day moving average price of $111.01. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. The stock has a market cap of $122.92 billion, a P/E ratio of 12.70, a P/E/G ratio of 0.87 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 (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. The business had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. ConocoPhillips’s revenue was down 8.5% on a year-over-year basis. During the same period last year, the business posted $2.16 EPS. As a group, equities analysts predict that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is 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 dividend yield of 2.92%. ConocoPhillips’s payout ratio is presently 37.10%.

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.