Truvestments Capital LLC Takes $31,000 Position in ConocoPhillips (NYSE:COP)

Truvestments Capital LLC purchased a new position in shares of ConocoPhillips (NYSE:COP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 295 shares of the energy producer’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Values First Advisors Inc. acquired a new stake in shares of ConocoPhillips during the 3rd quarter valued at $26,000. Stephens Consulting LLC boosted its position in ConocoPhillips by 69.3% during the second quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 104 shares during the last quarter. Reston Wealth Management LLC purchased a new position in ConocoPhillips in the third quarter valued at about $31,000. Y.D. More Investments Ltd acquired a new position in ConocoPhillips in the 2nd quarter worth about $35,000. Finally, Fairway Wealth LLC raised its stake in shares of ConocoPhillips by 95.6% during the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock worth $36,000 after purchasing an additional 153 shares in the last quarter. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Trading Up 0.6 %

Shares of ConocoPhillips stock opened at $107.42 on Thursday. ConocoPhillips has a 1 year low of $101.29 and a 1 year high of $135.18. The company’s fifty day simple moving average is $108.86 and its 200-day simple moving average is $110.98. The company has a market cap of $123.63 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 0.87 and a beta of 1.21. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The firm 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%. The business’s revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.16 EPS. As a group, sell-side analysts expect that ConocoPhillips will post 7.76 EPS for the current year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.90%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, November 8th. ConocoPhillips’s payout ratio is currently 37.10%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Mizuho increased 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 increased their price target on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Scotiabank reduced their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating for the company in a research note on Thursday, October 10th. Truist Financial lowered their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $137.63.

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.