ConocoPhillips $COP Shares Purchased by Primecap Management Co. CA

Primecap Management Co. CA raised its holdings in shares of ConocoPhillips (NYSE:COP) by 66.0% during the 2nd quarter, Holdings Channel reports. The fund owned 7,883,455 shares of the energy producer’s stock after purchasing an additional 3,135,315 shares during the period. Primecap Management Co. CA’s holdings in ConocoPhillips were worth $707,461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Heritage Wealth Advisors lifted its holdings in ConocoPhillips by 2.5% in the second quarter. Heritage Wealth Advisors now owns 455,963 shares of the energy producer’s stock worth $40,918,000 after purchasing an additional 11,140 shares during the period. Traub Capital Management LLC acquired a new stake in shares of ConocoPhillips in the 2nd quarter worth approximately $38,000. Birchbrook Inc. bought a new position in shares of ConocoPhillips in the second quarter valued at approximately $707,000. Wealthspire Advisors LLC increased its stake in shares of ConocoPhillips by 24.7% during the second quarter. Wealthspire Advisors LLC now owns 9,667 shares of the energy producer’s stock valued at $867,000 after acquiring an additional 1,917 shares during the period. Finally, Perennial Investment Advisors LLC lifted its position in ConocoPhillips by 2.8% in the second quarter. Perennial Investment Advisors LLC now owns 4,097 shares of the energy producer’s stock worth $368,000 after purchasing an additional 112 shares during the period. Institutional investors own 82.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COP. Capital One Financial increased their price target on ConocoPhillips from $111.00 to $112.00 in a research note on Friday, October 3rd. BMO Capital Markets decreased their target price on ConocoPhillips from $122.00 to $117.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. UBS Group dropped their price target on shares of ConocoPhillips from $122.00 to $117.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of ConocoPhillips in a report on Thursday, November 13th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of ConocoPhillips from $115.00 to $112.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. Eighteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, ConocoPhillips presently has a consensus rating of “Moderate Buy” and an average price target of $115.33.

ConocoPhillips Price Performance

COP stock opened at $89.64 on Wednesday. ConocoPhillips has a one year low of $79.88 and a one year high of $115.38. The firm has a 50-day moving average of $90.83 and a two-hundred day moving average of $91.93. The firm has a market capitalization of $110.77 billion, a PE ratio of 12.03, a P/E/G ratio of 2.36 and a beta of 0.58. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.35.

ConocoPhillips (NYSE:COP) last issued its earnings results on Thursday, November 6th. The energy producer reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The business had revenue of $15.03 billion during the quarter, compared to analysts’ expectations of $14.51 billion. During the same quarter last year, the firm posted $1.78 earnings per share. ConocoPhillips’s revenue was up 14.1% compared to the same quarter last year. On average, analysts forecast that ConocoPhillips will post 8.16 earnings per share for the current year.

ConocoPhillips Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, November 17th. This is a boost from ConocoPhillips’s previous quarterly dividend of $0.78. ConocoPhillips’s dividend payout ratio is currently 47.52%.

Insider Activity at ConocoPhillips

In related news, Director William H. Mcraven acquired 5,768 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average price of $86.68 per share, for a total transaction of $499,970.24. Following the completion of the acquisition, the director owned 5,768 shares of the company’s stock, valued at $499,970.24. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

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.