Cornercap Investment Counsel Inc. Purchases Shares of 13,186 ConocoPhillips (NYSE:COP)

Cornercap Investment Counsel Inc. acquired a new stake in ConocoPhillips (NYSE:COP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,186 shares of the energy producer’s stock, valued at approximately $1,388,000.

Several other large investors have also bought and sold shares of COP. CIBC Asset Management Inc boosted its position in shares of ConocoPhillips by 4.8% during the 3rd quarter. CIBC Asset Management Inc now owns 262,152 shares of the energy producer’s stock valued at $27,599,000 after purchasing an additional 12,024 shares in the last quarter. Balboa Wealth Partners acquired a new stake in ConocoPhillips during the third quarter valued at approximately $243,000. Oak Harbor Wealth Partners LLC boosted its holdings in ConocoPhillips by 10.8% during the third quarter. Oak Harbor Wealth Partners LLC now owns 2,050 shares of the energy producer’s stock worth $216,000 after buying an additional 200 shares in the last quarter. Sargent Investment Group LLC grew its position in ConocoPhillips by 19.0% in the third quarter. Sargent Investment Group LLC now owns 12,556 shares of the energy producer’s stock worth $1,322,000 after buying an additional 2,008 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of ConocoPhillips by 3.8% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 54,299 shares of the energy producer’s stock valued at $5,717,000 after buying an additional 1,982 shares in the last quarter. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of COP opened at $112.92 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.30. The firm has a market cap of $129.96 billion, a PE ratio of 13.43, a PEG ratio of 0.91 and a beta of 1.21. The firm’s 50 day moving average price is $107.77 and its 200 day moving average price is $111.90. ConocoPhillips has a twelve month low of $101.29 and a twelve month high of $135.18.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, October 31st. The energy producer reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The company had revenue of $13.60 billion during the quarter, compared to the consensus estimate of $13.97 billion. During the same quarter in the prior year, the company posted $2.16 EPS. The firm’s revenue was down 8.5% on a year-over-year basis. As a group, research analysts expect that ConocoPhillips will post 7.8 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 11th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, November 8th. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. ConocoPhillips’s dividend payout ratio (DPR) is 37.10%.

Analyst Upgrades and Downgrades

COP has been the subject of several research reports. BMO Capital Markets raised their price objective on ConocoPhillips from $123.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Truist Financial cut their price objective on ConocoPhillips from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company reiterated a “sector perform” rating on shares of ConocoPhillips in a report on Friday, October 18th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $126.00 price target (down previously from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. Finally, Mizuho lifted their price objective on shares of ConocoPhillips from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $137.63.

ConocoPhillips 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.