Merewether Investment Management LP Takes Position in ConocoPhillips (NYSE:COP)

Merewether Investment Management LP purchased a new position in shares of ConocoPhillips (NYSE:COP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,186,500 shares of the energy producer’s stock, valued at approximately $124,915,000. ConocoPhillips makes up approximately 5.8% of Merewether Investment Management LP’s investment portfolio, making the stock its 4th largest position. Merewether Investment Management LP owned approximately 0.10% of ConocoPhillips as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Values First Advisors Inc. acquired a new position in ConocoPhillips during the third quarter worth about $26,000. Stephens Consulting LLC grew its holdings in shares of ConocoPhillips by 69.3% in the 2nd quarter. Stephens Consulting LLC now owns 254 shares of the energy producer’s stock worth $29,000 after acquiring an additional 104 shares during the period. Reston Wealth Management LLC purchased a new position in ConocoPhillips in the 3rd quarter valued at approximately $31,000. Truvestments Capital LLC acquired a new position in ConocoPhillips during the third quarter worth $31,000. Finally, Y.D. More Investments Ltd purchased a new stake in ConocoPhillips during the second quarter worth $35,000. Institutional investors and hedge funds own 82.36% of the company’s stock.

ConocoPhillips Stock Performance

ConocoPhillips stock opened at $106.05 on Wednesday. ConocoPhillips has a 52 week low of $101.29 and a 52 week high of $135.18. The company has a current ratio of 1.30, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The stock has a market cap of $122.05 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 0.87 and a beta of 1.18. The stock has a 50 day moving average of $108.64 and a 200-day moving average of $110.52.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, October 31st. The energy producer reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. The company had revenue of $13.60 billion during the quarter, compared to analyst estimates of $13.97 billion. ConocoPhillips had a return on equity of 19.53% and a net margin of 17.29%. The business’s revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.16 earnings per share. On average, analysts expect that ConocoPhillips will post 7.76 EPS for the current fiscal year.

ConocoPhillips Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 11th were issued a dividend of $0.78 per share. This is an increase from ConocoPhillips’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, November 8th. This represents a $3.12 annualized dividend and a dividend yield of 2.94%. ConocoPhillips’s payout ratio is 37.10%.

Analysts Set New Price Targets

COP has been the topic of a number of research reports. Susquehanna increased their price objective on shares of ConocoPhillips from $144.00 to $148.00 and gave the company a “positive” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. restated a “neutral” rating and set a $126.00 price objective (down from $139.00) on shares of ConocoPhillips in a research report on Friday, October 11th. BMO Capital Markets increased their target price on ConocoPhillips from $123.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, October 4th. UBS Group dropped their price target on ConocoPhillips from $153.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Mizuho increased their price objective on ConocoPhillips from $129.00 to $132.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.63.

ConocoPhillips Company 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.