ProVise Management Group LLC Raises Position in ConocoPhillips $COP

ProVise Management Group LLC lifted its holdings in shares of ConocoPhillips (NYSE:COP) by 18.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,859 shares of the energy producer’s stock after purchasing an additional 16,709 shares during the quarter. ProVise Management Group LLC’s holdings in ConocoPhillips were worth $9,769,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in COP. Kingsview Wealth Management LLC lifted its holdings in shares of ConocoPhillips by 10.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 29,783 shares of the energy producer’s stock worth $3,128,000 after acquiring an additional 2,770 shares during the period. Carson Advisory Inc. acquired a new position in ConocoPhillips during the first quarter worth approximately $287,000. Hollencrest Capital Management raised its stake in ConocoPhillips by 23.6% during the first quarter. Hollencrest Capital Management now owns 5,241 shares of the energy producer’s stock worth $550,000 after purchasing an additional 1,002 shares during the period. Private Advisor Group LLC boosted its holdings in shares of ConocoPhillips by 7.4% in the 1st quarter. Private Advisor Group LLC now owns 85,254 shares of the energy producer’s stock valued at $8,953,000 after purchasing an additional 5,874 shares during the last quarter. Finally, Allegiance Financial Group Advisory Services LLC acquired a new position in shares of ConocoPhillips in the 1st quarter valued at $450,000. 82.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen upgraded ConocoPhillips from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Evercore ISI dropped their price target on ConocoPhillips from $115.00 to $111.00 and set an “outperform” rating for the company in a research note on Monday, October 6th. Barclays reduced their price objective on ConocoPhillips from $122.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Melius Research began coverage on ConocoPhillips in a report on Wednesday, August 20th. They set a “hold” rating and a $117.00 target price for the company. Finally, UBS Group cut their price target on shares of ConocoPhillips from $122.00 to $117.00 and set a “buy” rating on the stock in a report on Wednesday. Eighteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.33.

ConocoPhillips Stock Up 2.3%

NYSE COP opened at $91.44 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.35. ConocoPhillips has a fifty-two week low of $79.88 and a fifty-two week high of $115.38. The business has a 50 day moving average price of $90.93 and a two-hundred day moving average price of $91.93. The stock has a market cap of $112.99 billion, a PE ratio of 12.27, a P/E/G ratio of 2.36 and a beta of 0.58.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $15.03 billion for the quarter, compared to analysts’ expectations of $14.51 billion. ConocoPhillips had a net margin of 15.26% and a return on equity of 14.60%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 earnings per share. As a group, sell-side analysts predict that ConocoPhillips will post 8.16 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.7%. This is a positive change from ConocoPhillips’s previous quarterly dividend of $0.78. The ex-dividend date is Monday, November 17th. ConocoPhillips’s payout ratio is presently 47.52%.

Insiders Place Their Bets

In other ConocoPhillips news, Director William H. Mcraven acquired 5,768 shares of the company’s stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $86.68 per share, for a total transaction of $499,970.24. Following the acquisition, the director directly owned 5,768 shares of the company’s stock, valued at $499,970.24. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is currently owned by company insiders.

ConocoPhillips Company 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.