Tower Bridge Advisors Acquires 1,481 Shares of ConocoPhillips (NYSE:COP)

Tower Bridge Advisors increased its holdings in ConocoPhillips (NYSE:COP) by 24.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,479 shares of the energy producer’s stock after purchasing an additional 1,481 shares during the period. Tower Bridge Advisors’ holdings in ConocoPhillips were worth $787,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of COP. Values First Advisors Inc. bought a new position in ConocoPhillips during the third quarter valued at $26,000. Stephens Consulting LLC increased 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 acquiring an additional 104 shares during the last quarter. Reston Wealth Management LLC bought a new position in ConocoPhillips during the third quarter valued at $31,000. Y.D. More Investments Ltd bought a new position in ConocoPhillips during the second quarter valued at $35,000. Finally, Fairway Wealth LLC increased its position in ConocoPhillips by 95.6% during the second quarter. Fairway Wealth LLC now owns 313 shares of the energy producer’s stock valued at $36,000 after acquiring an additional 153 shares during the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

COP stock opened at $112.32 on Friday. The firm has a market cap of $129.27 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.92 and a beta of 1.21. The firm has a 50-day simple moving average of $108.01 and a two-hundred day simple moving average of $111.68. ConocoPhillips has a one year low of $101.29 and a one year high of $135.18. 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 (NYSE:COP) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. The business had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a net margin of 17.29% and a return on equity of 19.53%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.16 earnings per share. On average, equities analysts forecast that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 2.78%. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio is 37.10%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $140.00 price objective on shares of ConocoPhillips in a research report on Friday, September 13th. Truist Financial lowered their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Scotiabank lowered their target price 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. BMO Capital Markets boosted their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. 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 issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, ConocoPhillips currently has an average rating of “Moderate Buy” and an average price target of $137.63.

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.