Elevation Point Wealth Partners LLC Grows Stock Position in ConocoPhillips $COP

Elevation Point Wealth Partners LLC increased its holdings in ConocoPhillips (NYSE:COP) by 106.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,252 shares of the energy producer’s stock after buying an additional 22,332 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in ConocoPhillips were worth $5,709,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in COP. Patten Group Inc. raised its holdings in shares of ConocoPhillips by 1.5% in the 1st quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock valued at $719,000 after purchasing an additional 83 shares in the last quarter. Blue Trust Inc. grew its stake in shares of ConocoPhillips by 0.4% during the first 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. Nicolet Advisory Services LLC increased its holdings in ConocoPhillips by 0.9% in the fourth quarter. Nicolet Advisory Services LLC now owns 10,352 shares of the energy producer’s stock valued at $989,000 after buying an additional 95 shares during the last quarter. Duncan Williams Asset Management LLC raised its stake in ConocoPhillips by 4.4% in the fourth quarter. Duncan Williams Asset Management LLC now owns 2,370 shares of the energy producer’s stock valued at $222,000 after buying an additional 100 shares in the last quarter. Finally, Reliant Investment Management LLC boosted its position in shares of ConocoPhillips by 2.8% during the 1st quarter. Reliant Investment Management LLC now owns 3,646 shares of the energy producer’s stock worth $481,000 after acquiring an additional 100 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of ConocoPhillips in a research report on Wednesday, June 3rd. Piper Sandler raised their price objective on shares of ConocoPhillips from $154.00 to $157.00 and gave the stock an “overweight” rating in a report on Wednesday, April 8th. Barclays upped their target price on shares of ConocoPhillips from $136.00 to $155.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Truist Financial set a $128.00 price target on shares of ConocoPhillips in a research note on Friday, May 1st. Finally, The Goldman Sachs Group decreased their price objective on shares of ConocoPhillips from $144.00 to $138.00 and set a “buy” rating for the company in a research note on Tuesday. Eighteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.76.

ConocoPhillips Price Performance

Shares of NYSE:COP opened at $104.64 on Friday. ConocoPhillips has a one year low of $85.57 and a one year high of $135.87. The stock has a market capitalization of $127.48 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 1.20 and a beta of 0.12. The company has a 50-day simple moving average of $115.76 and a 200-day simple moving average of $112.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.14 and a current ratio of 1.29.

ConocoPhillips (NYSE:COP) last announced its earnings results on Thursday, April 30th. The energy producer reported $1.89 earnings per share 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 return on equity of 11.39% and a net margin of 12.10%.The company’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the business posted $2.09 EPS. On average, analysts predict that ConocoPhillips will post 9.66 EPS for the current year.

ConocoPhillips Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 11th were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, May 11th. ConocoPhillips’s payout ratio is 57.05%.

ConocoPhillips Company 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.