Pure Financial Advisors Increases Stake in ConocoPhillips by 31.6%
During the second quarter of 2023, Pure Financial Advisors LLC expanded its investment in ConocoPhillips (NYSE: COP) by 31.6%, acquiring an additional 1,379 shares. This move brought their total holdings to 5,745 shares, valued at approximately $516,000 at the close of the quarter, as reported by Holdings Channel. This significant increase reflects growing institutional confidence in the energy sector.
Several other institutional investors have also adjusted their positions in ConocoPhillips. Tritonpoint Wealth LLC raised its stake by 1.3%, now owning 8,329 shares worth $747,000. Similarly, First National Bank Sioux Falls increased its holdings by 4.6% with a total of 2,572 shares valued at $231,000. KLCM Advisors Inc. and Deseret Mutual Benefit Administrators also reported increases of 2.6% and 3.9%, respectively, during the previous quarter. Notably, Oregon Pacific Wealth Management LLC increased its stake by 5.8%, owning 2,229 shares worth $200,000.
In total, institutional investors control approximately 82.36% of ConocoPhillips stock, indicating strong market interest in the company.
Analyst Ratings and Future Projections
Wall Street analysts have been closely monitoring ConocoPhillips, with various ratings and target prices being issued. Weiss Ratings recently reiterated a “hold (C-)” rating, while Scotiabank increased its target price from $95.00 to $100.00, categorizing the stock as “sector perform.” Roth Capital maintains a “buy” rating, and Morgan Stanley adjusted its price objective from $119.00 to $123.00, affirming an “overweight” rating. The consensus among analysts is a “Moderate Buy,” with an average price target of $120.14.
ConocoPhillips opened at $94.17 on Friday. The company has a market capitalization of $117.61 billion and a price-to-earnings ratio of 12.64. The stock has fluctuated, with a 52-week low of $79.88 and a high of $116.08.
Recent Earnings and Dividend Announcement
ConocoPhillips reported its quarterly earnings on August 7, 2023, revealing earnings per share (EPS) of $1.42, exceeding analysts’ expectations of $1.36 by $0.06. The company achieved a net margin of 15.26% and a return on equity of 14.60%, with quarterly revenue reaching $14.94 billion, surpassing estimates of $14.39 billion. This represents a 4.3% increase in revenue year-over-year.
In addition to its earnings report, ConocoPhillips announced a quarterly dividend of $0.78 per share, which was distributed on September 2, 2023, to stockholders on record as of August 18, 2023. This dividend translates to an annualized amount of $3.12 and a yield of 3.3%. The company’s dividend payout ratio stands at 41.88%.
ConocoPhillips plays a significant role in the energy sector, engaging in the exploration, production, transportation, and marketing of crude oil, natural gas, and liquefied natural gas (LNG) across various global markets, including the United States, Canada, and several countries in Europe and Asia.
For those interested in following the latest developments regarding ConocoPhillips, Holdings Channel provides in-depth analysis and updates on institutional investments and market performance.
