Steward Partners Increases Stake in ConocoPhillips Amid Market Movements

Steward Partners Investment Advisory LLC has increased its stake in ConocoPhillips (NYSE: COP) by 2.7% in the second quarter of 2023. According to the latest Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 131,585 shares of the energy producer’s stock, valued at approximately $11,808,000.

During this period, Steward Partners acquired an additional 3,511 shares. A variety of other institutional investors have also adjusted their positions in ConocoPhillips. For example, LPL Financial LLC raised its stake by 6.4% in the first quarter, now owning 1,182,150 shares worth $124,149,000 after purchasing an additional 70,759 shares. Similarly, Prosperity Consulting Group LLC increased its holdings by 47.6%, bringing its total to 5,466 shares valued at $574,000.

Mackenzie Financial Corp and Foundations Investment Advisors LLC also made notable increases. Mackenzie Financial boosted its position by 7.1%, acquiring an additional 21,008 shares, now totaling 316,853 shares worth $33,276,000. Foundations Investment Advisors increased its stake by 3.8%, now owning 13,911 shares valued at $1,461,000. In total, institutional investors and hedge funds own 82.36% of ConocoPhillips stock.

In related news, ConocoPhillips Director William H. McRaven purchased 5,768 shares on November 10, 2023, at an average cost of $86.68 per share, totaling approximately $499,970.24. Following this transaction, McRaven now holds the same number of shares, reflecting a significant enhancement of his position in the company.

ConocoPhillips Stock Performance and Earnings Report

On November 6, 2023, ConocoPhillips announced its quarterly earnings, reporting earnings per share (EPS) of $1.61, surpassing analyst expectations of $1.41 by $0.20. The company generated revenue of $15.03 billion for the quarter, exceeding estimates of $14.51 billion. Year-over-year, revenue increased by 14.1%, although EPS was lower than the $1.78 reported during the same period last year.

As of November 8, 2023, ConocoPhillips shares opened at $86.56. The firm has experienced a twelve-month low of $79.88 and a high of $108.99. With a market capitalization of $106.96 billion, the company has a price-to-earnings (P/E) ratio of 11.62 and a beta of 0.58.

Dividend Increase and Future Outlook

In a positive development for shareholders, ConocoPhillips has declared a quarterly dividend of $0.84, payable on December 1, 2023, to investors of record on November 17, 2023. This dividend reflects an increase from the previous quarterly amount of $0.78, representing an annualized dividend of $3.36 and a yield of 3.9%. The company’s payout ratio stands at 47.52%.

ConocoPhillips continues to explore and produce a range of energy products, including crude oil and natural gas, across various international markets, including the United States, Canada, and Norway. The firm maintains a diverse portfolio that includes both conventional and unconventional assets, as well as global liquefied natural gas developments.

As investors keep a close eye on market trends and institutional activity, ConocoPhillips appears poised for continued growth, bolstered by recent financial performance and strategic investments from key stakeholders.