Pointe Capital Management LLC Takes Position in ConocoPhillips $COP

Pointe Capital Management LLC purchased a new stake in ConocoPhillips (NYSE:COP) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,891 shares of the energy producer’s stock, valued at approximately $716,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in COP. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in ConocoPhillips during the 4th quarter valued at about $25,000. Strive Asset Management LLC acquired a new stake in shares of ConocoPhillips during the 3rd quarter worth approximately $28,000. Frazier Financial Advisors LLC raised its stake in shares of ConocoPhillips by 151.0% during the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after buying an additional 145 shares during the last quarter. Allied Private Wealth LLC bought a new stake in shares of ConocoPhillips during the second quarter worth approximately $32,000. Finally, BNP Paribas bought a new position in ConocoPhillips in the second quarter valued at approximately $33,000. 82.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

COP has been the subject of a number of analyst reports. Truist Financial lifted their target price on shares of ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a report on Monday, August 10th. Mizuho cut their price target on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Jefferies Financial Group raised their price target on ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Susquehanna lifted their price objective on ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings upgraded ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $140.29.

ConocoPhillips Stock Down 1.1%

Shares of NYSE:COP opened at $131.84 on Wednesday. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.39 and a current ratio of 1.54. The company has a market capitalization of $158.39 billion, a PE ratio of 17.44, a PEG ratio of 1.40 and a beta of 0.11. The company has a 50 day moving average price of $116.14 and a two-hundred day moving average price of $118.14.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.34. The company had revenue of $19.52 billion for the quarter, compared to analyst estimates of $18.79 billion. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The business’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same period last year, the business posted $1.42 earnings per share. Analysts forecast that ConocoPhillips will post 10.55 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a $0.84 dividend. The ex-dividend date is Monday, August 17th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.5%. ConocoPhillips’s dividend payout ratio is currently 44.44%.

ConocoPhillips News Roundup

Here are the key news stories impacting ConocoPhillips this week:

• Positive Sentiment: An executive said additional Arctic drilling activity is “inevitable,” signaling potential long-term growth opportunities for ConocoPhillips as access to the region expands. However, the development is unlikely to materially affect near-term earnings. More Arctic activity inevitable says ConocoPhillips
• Positive Sentiment: RBC Capital reaffirmed its Buy rating, supporting the bullish analyst view on COP. The company also benefits from firmer crude prices amid supply concerns, which could improve upstream revenue and cash flow. RBC Capital reaffirms Buy rating
• Neutral Sentiment: With COP shares near a three-month peak, a covered-call strategy offering a 1.75% yield at the $140 September strike may appeal to income-focused shareholders. The strategy also suggests investors see the stock’s upside as potentially limited in the near term. Covered call yields with ConocoPhillips
• Negative Sentiment: Senior Vice President Andrew Lundquist sold 9,487 shares for approximately $1.28 million, reducing his position by nearly 50%. While insider sales can reflect personal financial planning, the sizable transaction may weigh on sentiment, particularly with the stock near recent highs. Andrew Lundquist sells ConocoPhillips shares

Insider Buying and Selling

In related news, SVP Andrew D. Lundquist sold 9,487 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the sale, the senior vice president owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

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.