Smead Capital Management Inc. Raises Stock Position in ConocoPhillips (NYSE:COP)

Smead Capital Management Inc. grew its position in ConocoPhillips (NYSE:COP - Free Report) by 3.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,196,884 shares of the energy producer's stock after buying an additional 74,045 shares during the period. ConocoPhillips accounts for about 3.3% of Smead Capital Management Inc.'s portfolio, making the stock its 16th largest position. Smead Capital Management Inc. owned approximately 0.19% of ConocoPhillips worth $231,288,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Values First Advisors Inc. bought a new stake in shares of ConocoPhillips in the 3rd quarter valued at about $26,000. Stephens Consulting LLC boosted its holdings in shares of ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer's stock valued at $29,000 after buying an additional 104 shares in the last quarter. Reston Wealth Management LLC bought a new stake in shares of ConocoPhillips in the 3rd quarter valued at about $31,000. Y.D. More Investments Ltd acquired a new stake in ConocoPhillips in the 2nd quarter worth approximately $35,000. Finally, Fairway Wealth LLC boosted its stake in ConocoPhillips by 95.6% in the 2nd quarter. Fairway Wealth LLC now owns 313 shares of the energy producer's stock worth $36,000 after purchasing an additional 153 shares in the last quarter. 82.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

COP has been the subject of a number of recent analyst reports. Barclays lifted their target price on shares of ConocoPhillips from $135.00 to $137.00 and gave the stock an "overweight" rating in a research note on Friday, November 1st. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $126.00 target price (down from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Susquehanna lifted their target price on shares of ConocoPhillips from $144.00 to $148.00 and gave the stock a "positive" rating in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on shares of ConocoPhillips from $123.00 to $125.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. Finally, Truist Financial decreased their price objective 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. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, ConocoPhillips has a consensus rating of "Moderate Buy" and an average target price of $137.63.

ConocoPhillips Stock Performance

Shares of NYSE:COP traded down $0.67 during trading on Tuesday, hitting $113.09. 5,099,983 shares of the stock traded hands, compared to its average volume of 5,875,549. The company has a quick ratio of 1.16, a current ratio of 1.30 and a debt-to-equity ratio of 0.34. The company has a market cap of $130.16 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 0.92 and a beta of 1.21. The company has a fifty day moving average price of $108.35 and a two-hundred day moving average price of $111.47. ConocoPhillips has a 52-week low of $101.29 and a 52-week high of $135.18.

ConocoPhillips (NYSE:COP - Get Free Report) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.10. The firm 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 business's quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.16 EPS. As a group, equities analysts predict that ConocoPhillips will post 7.8 EPS for the current year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 11th will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Friday, November 8th. This is a positive change from ConocoPhillips's previous quarterly dividend of $0.58. ConocoPhillips's payout ratio is presently 37.10%.

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.