Rakuten Investment Management Inc. bought a new position in shares of ConocoPhillips (NYSE:COP – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 199,498 shares of the energy producer’s stock, valued at approximately $20,788,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Mach 1 Financial Group LLC acquired a new position in ConocoPhillips in the 4th quarter valued at approximately $1,169,000. B. Metzler seel. Sohn & Co. AG bought a new position in shares of ConocoPhillips in the second quarter worth about $6,896,000. Jennison Associates LLC boosted its position in ConocoPhillips by 7.6% in the 4th quarter. Jennison Associates LLC now owns 153,240 shares of the energy producer’s stock valued at $14,345,000 after buying an additional 10,779 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in ConocoPhillips by 4.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,608,643 shares of the energy producer’s stock valued at $252,256,000 after acquiring an additional 102,577 shares during the last quarter. Finally, Nicholas Investment Partners LP acquired a new stake in shares of ConocoPhillips during the 2nd quarter worth approximately $6,498,000. 82.36% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on COP shares. Weiss Ratings raised ConocoPhillips from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 6th. Capital One Financial dropped their price objective on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a report on Monday, May 18th. Susquehanna lifted their target price on ConocoPhillips from $155.00 to $161.00 and gave the company a “positive” rating in a research report on Tuesday, August 11th. Truist Financial boosted their price target on shares of ConocoPhillips from $115.00 to $130.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Finally, Jefferies Financial Group raised their target price on shares of ConocoPhillips from $160.00 to $161.00 and gave the company a “buy” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, ConocoPhillips currently has a consensus rating of “Moderate Buy” and an average price target of $140.29.
Insider Activity
In other news, SVP Andrew D. Lundquist sold 9,487 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the transaction, the senior vice president directly owned 9,593 shares of the company’s stock, valued at approximately $1,296,493.95. This trade represents a 49.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.
ConocoPhillips Stock Up 0.7%
COP stock opened at $130.46 on Friday. ConocoPhillips has a fifty-two week low of $85.57 and a fifty-two week high of $135.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.39. The stock has a market capitalization of $156.73 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.36 and a beta of 0.11. The business’s fifty day moving average price is $117.42 and its two-hundred day moving average price is $118.56.
ConocoPhillips (NYSE:COP – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 EPS 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 business had revenue of $19.52 billion for the quarter, compared to the consensus estimate of $18.79 billion. During the same period in the prior year, the company posted $1.42 earnings per share. ConocoPhillips’s revenue was up 32.4% compared to the same quarter last year. On average, equities analysts anticipate that ConocoPhillips will post 10.55 earnings per share for the current year.
ConocoPhillips Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, August 17th. ConocoPhillips’s dividend payout ratio is presently 44.44%.
About ConocoPhillips
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.
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