Mission Wealth Management LP Has $873,000 Holdings in ConocoPhillips (COP)

Mission Wealth Management LP raised its stake in ConocoPhillips (NYSE:COP) by 74.9% during the 3rd quarter, Holdings Channel reports. The firm owned 11,285 shares of the energy producer’s stock after acquiring an additional 4,834 shares during the period. Mission Wealth Management LP’s holdings in ConocoPhillips were worth $873,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in COP. IMA Wealth Inc. acquired a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $100,000. Acropolis Investment Management LLC acquired a new stake in shares of ConocoPhillips in the 2nd quarter valued at approximately $107,000. Palo Capital Inc. acquired a new stake in shares of ConocoPhillips in the 3rd quarter valued at approximately $131,000. Adviser Investments LLC lifted its holdings in shares of ConocoPhillips by 139.4% in the 2nd quarter. Adviser Investments LLC now owns 1,956 shares of the energy producer’s stock valued at $136,000 after buying an additional 1,139 shares during the period. Finally, Lucia Wealth Services LLC lifted its holdings in shares of ConocoPhillips by 541.3% in the 2nd quarter. Lucia Wealth Services LLC now owns 2,251 shares of the energy producer’s stock valued at $157,000 after buying an additional 1,900 shares during the period. Institutional investors own 71.67% of the company’s stock.

In related news, SVP Janet Langford Kelly sold 50,000 shares of ConocoPhillips stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $72.37, for a total transaction of $3,618,500.00. Following the completion of the transaction, the senior vice president now directly owns 41,211 shares of the company’s stock, valued at $2,982,440.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Ryan Michael Lance sold 160,064 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $72.07, for a total value of $11,535,812.48. Following the completion of the transaction, the chairman now directly owns 106,312 shares of the company’s stock, valued at $7,661,905.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 288,378 shares of company stock valued at $20,769,145. 0.88% of the stock is currently owned by insiders.

Several analysts have recently commented on COP shares. Morgan Stanley raised their price target on ConocoPhillips from $84.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday, September 26th. Goldman Sachs Group cut ConocoPhillips from a “buy” rating to a “neutral” rating in a report on Monday, October 1st. Bank of America raised ConocoPhillips from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a report on Monday, October 29th. Zacks Investment Research cut ConocoPhillips from a “buy” rating to a “hold” rating in a report on Monday, August 20th. Finally, Citigroup raised their price target on ConocoPhillips from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 5th. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $75.53.

Shares of COP stock opened at $67.84 on Friday. The firm has a market cap of $78.10 billion, a P/E ratio of 113.07, a PEG ratio of 1.58 and a beta of 1.22. ConocoPhillips has a 1 year low of $48.97 and a 1 year high of $80.24. The company has a quick ratio of 1.58, a current ratio of 1.99 and a debt-to-equity ratio of 0.46.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings data on Thursday, October 25th. The energy producer reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.19. The firm had revenue of $10.17 billion during the quarter, compared to analysts’ expectations of $9.48 billion. ConocoPhillips had a return on equity of 14.62% and a net margin of 16.08%. As a group, research analysts predict that ConocoPhillips will post 4.76 earnings per share for the current year.

ConocoPhillips declared that its board has authorized a share buyback program on Thursday, July 12th that authorizes the company to repurchase $9.00 billion in shares. This repurchase authorization authorizes the energy producer to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, October 15th will be issued a dividend of $0.305 per share. The ex-dividend date of this dividend is Friday, October 12th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.29. This represents a $1.22 annualized dividend and a yield of 1.80%. ConocoPhillips’s payout ratio is currently 203.33%.

ConocoPhillips Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide. Its portfolio includes North American tight oil and oil sands assets in Canada; conventional assets in North America, Europe, Asia, and Australia; various LNG developments; and an inventory of conventional and unconventional exploration prospects.

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Institutional Ownership by Quarter for ConocoPhillips (NYSE:COP)

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