Canada Pension Plan Investment Board bought a new position in shares of ConocoPhillips (NYSE:COP – Free Report) in the second quarter, HoldingsChannel reports. The firm bought 2,411,278 shares of the energy producer’s stock, valued at approximately $250,676,000.
Other large investors also recently modified their holdings of the company. Frazier Financial Advisors LLC lifted its stake in ConocoPhillips by 151.0% in the first quarter. Frazier Financial Advisors LLC now owns 241 shares of the energy producer’s stock worth $32,000 after acquiring an additional 145 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in ConocoPhillips during the 4th quarter valued at $25,000. Ballast Advisors LLC bought a new position in ConocoPhillips in the 1st quarter worth $36,000. Evergreen Advisors LLC bought a new position in ConocoPhillips in the 1st quarter worth $36,000. Finally, Allied Private Wealth LLC purchased a new stake in shares of ConocoPhillips in the 2nd quarter worth about $32,000. 82.36% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on COP shares. Capital One Financial cut their target price on shares of ConocoPhillips from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research note on Monday, May 18th. Susquehanna increased their price target on shares of ConocoPhillips from $155.00 to $161.00 and gave the stock a “positive” rating in a research note on Tuesday, August 11th. Jefferies Financial Group raised their price objective on shares of ConocoPhillips from $160.00 to $161.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Argus lifted their price objective on ConocoPhillips from $136.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. Finally, Mizuho reduced their target price on ConocoPhillips from $150.00 to $146.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $140.29.
Insiders Place Their Bets
In other ConocoPhillips news, SVP Andrew D. Lundquist sold 9,487 shares of ConocoPhillips stock in a transaction on Friday, August 21st. The stock was sold at an average price of $135.15, for a total transaction of $1,282,168.05. Following the completion of the transaction, the senior vice president owned 9,593 shares in the company, valued at approximately $1,296,493.95. The trade was a 49.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by company insiders.
ConocoPhillips Stock Performance
Shares of COP stock opened at $131.84 on Wednesday. The company’s fifty day moving average price is $116.14 and its 200-day moving average price is $118.14. The stock has a market cap of $158.39 billion, a PE ratio of 17.44, a price-to-earnings-growth ratio of 1.40 and a beta of 0.11. The company has a current ratio of 1.54, a quick ratio of 1.39 and a debt-to-equity ratio of 0.35. ConocoPhillips has a 12 month low of $85.57 and a 12 month high of $135.88.
ConocoPhillips (NYSE:COP – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The energy producer reported $3.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $18.79 billion. During the same period last year, the company posted $1.42 EPS. ConocoPhillips’s revenue was up 32.4% on a year-over-year basis. On average, equities analysts expect that ConocoPhillips will post 10.55 EPS for the current fiscal year.
ConocoPhillips Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 yield of 2.5%. The ex-dividend date of this dividend is Monday, August 17th. ConocoPhillips’s dividend payout ratio (DPR) is 44.44%.
Key Headlines Impacting ConocoPhillips
Here are the key news stories impacting ConocoPhillips this week:
- Positive Sentiment: An executive said additional Arctic drilling activity is “inevitable,” signaling potential long-term growth opportunities for ConocoPhillips as access to the region expands. However, the development is unlikely to materially affect near-term earnings. More Arctic activity inevitable says ConocoPhillips
- Positive Sentiment: RBC Capital reaffirmed its Buy rating, supporting the bullish analyst view on COP. The company also benefits from firmer crude prices amid supply concerns, which could improve upstream revenue and cash flow. RBC Capital reaffirms Buy rating
- Neutral Sentiment: With COP shares near a three-month peak, a covered-call strategy offering a 1.75% yield at the $140 September strike may appeal to income-focused shareholders. The strategy also suggests investors see the stock’s upside as potentially limited in the near term. Covered call yields with ConocoPhillips
- Negative Sentiment: Senior Vice President Andrew Lundquist sold 9,487 shares for approximately $1.28 million, reducing his position by nearly 50%. While insider sales can reflect personal financial planning, the sizable transaction may weigh on sentiment, particularly with the stock near recent highs. Andrew Lundquist sells ConocoPhillips shares
ConocoPhillips Company 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.
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