Texas Capital Bank Wealth Management Services Inc Buys 21,151 Shares of ConocoPhillips $COP

Texas Capital Bank Wealth Management Services Inc raised its stake in ConocoPhillips (NYSE:COP) by 35.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 81,430 shares of the energy producer’s stock after acquiring an additional 21,151 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in ConocoPhillips were worth $8,465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Patten Group Inc. raised its position in shares of ConocoPhillips by 1.5% during the first quarter. Patten Group Inc. now owns 5,447 shares of the energy producer’s stock worth $719,000 after acquiring an additional 83 shares during the last quarter. IFC Advisors LLC boosted its holdings in ConocoPhillips by 0.4% in the first quarter. IFC Advisors LLC now owns 20,182 shares of the energy producer’s stock valued at $2,664,000 after acquiring an additional 84 shares during the last quarter. Cornerstone Planning Group LLC increased its position in ConocoPhillips by 9.6% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,006 shares of the energy producer’s stock valued at $124,000 after purchasing an additional 88 shares during the period. Blue Trust Inc. increased its position in ConocoPhillips by 0.4% during the 1st quarter. Blue Trust Inc. now owns 21,144 shares of the energy producer’s stock valued at $2,791,000 after purchasing an additional 92 shares during the period. Finally, Sigma Planning Corp increased its position in ConocoPhillips by 0.6% during the 1st quarter. Sigma Planning Corp now owns 16,062 shares of the energy producer’s stock valued at $2,120,000 after purchasing an additional 94 shares during the period. Institutional investors and hedge funds own 82.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on COP. Barclays dropped their price target on shares of ConocoPhillips from $155.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday. Raymond James Financial lowered their target price on shares of ConocoPhillips from $145.00 to $142.00 and set an “outperform” rating for the company in a research note on Monday, June 1st. Weiss Ratings raised shares of ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. UBS Group upped their price target on shares of ConocoPhillips from $143.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Scotiabank increased their price target on ConocoPhillips from $100.00 to $125.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.48.

ConocoPhillips Stock Performance

Shares of COP stock opened at $129.82 on Wednesday. The company has a market cap of $155.96 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11. ConocoPhillips has a 52 week low of $85.57 and a 52 week high of $135.87. The company has a quick ratio of 1.39, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $114.31 and a 200-day moving average of $117.12.

ConocoPhillips (NYSE:COP) last released its quarterly earnings data on Thursday, August 6th. The energy producer reported $3.24 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.34. ConocoPhillips had a net margin of 14.22% and a return on equity of 14.72%. The company had revenue of $19.52 billion during the quarter, compared to analyst estimates of $18.79 billion. During the same quarter in the previous year, the business posted $1.42 EPS. ConocoPhillips’s revenue for the quarter was up 32.4% compared to the same quarter last year. On average, equities analysts forecast that ConocoPhillips will post 10.05 earnings per share for the current year.

ConocoPhillips Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s payout ratio is 44.44%.

ConocoPhillips 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.