Wakefield Asset Management LLLP Takes $382,000 Position in ConocoPhillips (NYSE:COP)

Wakefield Asset Management LLLP acquired a new position in shares of ConocoPhillips (NYSE:COP) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,634 shares of the energy producer’s stock, valued at approximately $382,000.

A number of other hedge funds have also modified their holdings of COP. Price T Rowe Associates Inc. MD raised its position in ConocoPhillips by 13.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 45,847,572 shares of the energy producer’s stock valued at $4,546,706,000 after purchasing an additional 5,549,078 shares during the last quarter. Capital International Investors boosted its position in ConocoPhillips by 4.9% during the 4th quarter. Capital International Investors now owns 31,287,113 shares of the energy producer’s stock valued at $3,101,989,000 after acquiring an additional 1,473,027 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of ConocoPhillips by 13.7% in the 4th quarter. Geode Capital Management LLC now owns 28,131,288 shares of the energy producer’s stock worth $2,792,521,000 after purchasing an additional 3,397,360 shares in the last quarter. Invesco Ltd. lifted its position in ConocoPhillips by 37.1% in the 4th quarter. Invesco Ltd. now owns 15,570,246 shares of the energy producer’s stock valued at $1,544,101,000 after acquiring an additional 4,211,939 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of ConocoPhillips by 6.4% in the 4th quarter. Franklin Resources Inc. now owns 14,420,058 shares of the energy producer’s stock worth $1,430,034,000 after purchasing an additional 862,707 shares in the last quarter. 82.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Kirk L. Johnson bought 5,300 shares of the stock in a transaction on Monday, June 16th. The stock was purchased at an average price of $94.24 per share, for a total transaction of $499,472.00. Following the acquisition, the executive vice president owned 14,527 shares in the company, valued at approximately $1,369,024.48. This trade represents a 57.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.24% of the company’s stock.

ConocoPhillips Stock Performance

Shares of ConocoPhillips stock opened at $95.00 on Thursday. The stock’s fifty day moving average price is $91.03 and its 200-day moving average price is $94.46. ConocoPhillips has a 12 month low of $79.88 and a 12 month high of $116.08. The company has a current ratio of 1.27, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm has a market cap of $120.09 billion, a P/E ratio of 12.07, a P/E/G ratio of 2.46 and a beta of 0.61.

ConocoPhillips (NYSE:COP) last released its quarterly earnings results on Thursday, May 8th. The energy producer reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.04. The firm had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.74 billion. ConocoPhillips had a return on equity of 16.54% and a net margin of 16.02%. During the same quarter last year, the business posted $2.05 EPS. On average, equities research analysts expect that ConocoPhillips will post 8.16 earnings per share for the current fiscal year.

ConocoPhillips Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $0.78 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.28%. ConocoPhillips’s payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on COP shares. Scotiabank set a $100.00 price objective on shares of ConocoPhillips and gave the stock a “sector perform” rating in a report on Friday, July 11th. UBS Group upped their price objective on shares of ConocoPhillips from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Barclays lowered their price objective on shares of ConocoPhillips from $135.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Morgan Stanley restated an “overweight” rating and set a $119.00 target price on shares of ConocoPhillips in a research report on Tuesday, July 15th. Finally, Mizuho decreased their price objective on ConocoPhillips from $127.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $121.33.

About ConocoPhillips

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.