Hudson Canyon Capital Management Acquires Shares of 19,600 ConocoPhillips $COP

Hudson Canyon Capital Management bought a new position in shares of ConocoPhillips (NYSE:COP) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 19,600 shares of the energy producer’s stock, valued at approximately $2,587,000. ConocoPhillips accounts for about 1.6% of Hudson Canyon Capital Management’s investment portfolio, making the stock its 22nd largest position.

A number of other large investors have also modified their holdings of the business. Patten Group Inc. raised its position in ConocoPhillips by 1.5% in the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after acquiring an additional 83 shares in the last quarter. IFC Advisors LLC boosted its position in shares of ConocoPhillips by 0.4% during the 1st quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock worth $2,664,000 after purchasing an additional 84 shares in the last quarter. Blue Trust Inc. boosted its position in shares of ConocoPhillips by 0.4% during the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock worth $2,791,000 after purchasing an additional 92 shares in the last quarter. Sigma Planning Corp grew its stake in shares of ConocoPhillips by 0.6% during the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock worth $2,120,000 after purchasing an additional 94 shares during the period. Finally, Nicolet Advisory Services LLC grew its stake in shares of ConocoPhillips by 0.9% during the 4th quarter. Nicolet Advisory Services LLC now owns 10,352 shares of the energy producer’s stock worth $989,000 after purchasing an additional 95 shares during the period. 82.36% of the stock is owned by hedge funds and other institutional investors.

ConocoPhillips Stock Performance

NYSE:COP opened at $111.81 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.14 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $136.22 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.35 and a beta of 0.12. The firm has a 50-day moving average price of $113.65 and a two-hundred day moving average price of $113.07. ConocoPhillips has a twelve month low of $85.57 and a twelve month high of $135.87.

ConocoPhillips (NYSE:COP) last announced its quarterly earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.17. The company had revenue of $15.76 billion for the quarter, compared to the consensus estimate of $15.62 billion. ConocoPhillips had a net margin of 12.10% and a return on equity of 11.39%. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.09 earnings per share. As a group, research analysts expect that ConocoPhillips will post 9.27 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 11th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. ConocoPhillips’s dividend payout ratio is presently 57.05%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on COP. Freedom Capital cut shares of ConocoPhillips from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein upped their target price on shares of ConocoPhillips from $98.00 to $121.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Wolfe Research increased their target price on shares of ConocoPhillips from $138.00 to $144.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Susquehanna lifted their price target on shares of ConocoPhillips from $149.00 to $152.00 in a research report on Friday, May 1st. Finally, Truist Financial decreased their price target on ConocoPhillips from $128.00 to $115.00 and set a “hold” rating on the stock in a research note on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ConocoPhillips presently has an average rating of “Moderate Buy” and a consensus target price of $134.04.

ConocoPhillips Profile

ConocoPhillips (NYSE: COP) is a Houston-based international energy company focused on exploration and production of oil and natural gas. Formed in 2002 through the merger of Conoco Inc and Phillips Petroleum Company, the firm operates as an independent upstream company that explores for, develops and produces crude oil, natural gas and natural gas liquids across a portfolio of global assets.

The company’s activities span conventional and unconventional resources and include onshore and offshore operations in multiple regions around the world.