Covington Investment Advisors Inc. Boosts Stock Position in ConocoPhillips (NYSE:COP)

Covington Investment Advisors Inc. boosted its holdings in shares of ConocoPhillips (NYSE:COP) by 1.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,308 shares of the energy producer’s stock after purchasing an additional 1,475 shares during the quarter. ConocoPhillips comprises about 1.7% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 22nd largest position. Covington Investment Advisors Inc.’s holdings in ConocoPhillips were worth $11,508,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. EntryPoint Capital LLC bought a new position in shares of ConocoPhillips during the 1st quarter valued at approximately $46,000. Waverly Advisors LLC increased its position in ConocoPhillips by 33.1% during the first 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 last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of ConocoPhillips by 5.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 40,693 shares of the energy producer’s stock valued at $4,899,000 after acquiring an additional 2,201 shares during the period. Redwood Investment Management LLC lifted its holdings in shares of ConocoPhillips by 1.0% in the 1st quarter. Redwood Investment Management LLC now owns 13,996 shares of the energy producer’s stock worth $1,781,000 after acquiring an additional 140 shares during the last quarter. Finally, Creekmur Asset Management LLC boosted its stake in shares of ConocoPhillips by 16.2% during the 1st quarter. Creekmur Asset Management LLC now owns 780 shares of the energy producer’s stock worth $99,000 after purchasing an additional 109 shares during the period. Institutional investors own 82.36% of the company’s stock.

Wall Street Analyst Weigh In

COP has been the topic of a number of recent analyst reports. Scotiabank reduced their price objective on shares of ConocoPhillips from $120.00 to $115.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 10th. Susquehanna increased their price target on ConocoPhillips from $144.00 to $148.00 and gave the stock a “positive” rating in a report on Friday, November 1st. Wells Fargo & Company restated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. Mizuho increased their target price on ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, UBS Group lowered their target price on shares of ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $137.63.

ConocoPhillips Price Performance

NYSE COP opened at $106.03 on Tuesday. The company has a market cap of $122.03 billion, a PE ratio of 12.61, a P/E/G ratio of 0.91 and a beta of 1.21. The firm’s 50 day moving average price is $108.92 and its 200-day moving average price is $111.11. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18.

ConocoPhillips (NYSE:COP) last announced 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 for the quarter, compared to analysts’ expectations of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.16 EPS. Sell-side analysts forecast that ConocoPhillips will post 7.78 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, November 8th. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s payout ratio is 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.