ConocoPhillips (NYSE:COP – Get Rating) announced a quarterly dividend on Thursday, August 4th, RTT News reports. Stockholders of record on Tuesday, August 16th will be paid a dividend of 0.46 per share by the energy producer on Thursday, September 1st. This represents a $1.84 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Monday, August 15th.
ConocoPhillips has a payout ratio of 13.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect ConocoPhillips to earn $13.43 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 13.7%.
ConocoPhillips Trading Up 3.3 %
Shares of COP stock opened at $92.85 on Friday. The stock has a market cap of $120.10 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 0.30 and a beta of 1.38. The stock has a 50-day moving average of $96.96 and a 200-day moving average of $97.29. The company has a current ratio of 1.54, a quick ratio of 1.41 and a debt-to-equity ratio of 0.32. ConocoPhillips has a 1-year low of $51.41 and a 1-year high of $124.08.
Insiders Place Their Bets
In other ConocoPhillips news, CEO Ryan Michael Lance sold 584,900 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $121.21, for a total value of $70,895,729.00. Following the completion of the sale, the chief executive officer now directly owns 44,522 shares of the company’s stock, valued at $5,396,511.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ryan Michael Lance sold 584,900 shares of ConocoPhillips stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $121.21, for a total value of $70,895,729.00. Following the completion of the transaction, the chief executive officer now directly owns 44,522 shares in the company, valued at $5,396,511.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nicholas G. Olds sold 19,200 shares of ConocoPhillips stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $110.51, for a total value of $2,121,792.00. The disclosure for this sale can be found here. Insiders sold 644,703 shares of company stock valued at $77,172,426 over the last ninety days. 0.08% of the stock is currently owned by insiders.
Hedge Funds Weigh In On ConocoPhillips
Several hedge funds have recently made changes to their positions in COP. Cowa LLC boosted its stake in ConocoPhillips by 6,475.2% during the first quarter. Cowa LLC now owns 2,375,224 shares of the energy producer’s stock valued at $2,383,000 after buying an additional 2,339,100 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in ConocoPhillips during the first quarter valued at $119,783,000. Castle Hook Partners LP bought a new stake in ConocoPhillips during the first quarter valued at $64,882,000. Bridgewater Associates LP boosted its stake in ConocoPhillips by 6,700.1% during the first quarter. Bridgewater Associates LP now owns 368,158 shares of the energy producer’s stock valued at $36,816,000 after buying an additional 362,744 shares during the period. Finally, Capital Group Private Client Services Inc. lifted its stake in ConocoPhillips by 19.2% during the first quarter. Capital Group Private Client Services Inc. now owns 992,871 shares of the energy producer’s stock worth $99,287,000 after purchasing an additional 159,853 shares during the last quarter. 78.80% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on COP. Bank of America upgraded ConocoPhillips from a “neutral” rating to a “buy” rating and cut their price target for the stock from $135.00 to $134.00 in a report on Tuesday, July 19th. Truist Financial cut their price target on ConocoPhillips from $126.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. Raymond James raised their target price on ConocoPhillips from $120.00 to $160.00 and gave the company a “strong-buy” rating in a report on Monday, April 25th. Susquehanna raised their target price on ConocoPhillips from $108.00 to $129.00 in a report on Monday, April 25th. Finally, KeyCorp raised their target price on ConocoPhillips from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Friday, April 8th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average target price of $120.37.
ConocoPhillips Company Profile
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. It primarily engages in the conventional and tight oil reservoirs, shale gas, heavy oil, LNG, oil sands, and other production operations. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; oil sands assets in Canada; and an inventory of conventional and unconventional exploration prospects.
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