Meyer Handelman Co. Boosts Stock Position in ConocoPhillips $COP

Meyer Handelman Co. lifted its stake in shares of ConocoPhillips (NYSE:COP) by 0.7% in the second quarter, HoldingsChannel reports. The fund owned 153,507 shares of the energy producer’s stock after acquiring an additional 1,119 shares during the period. Meyer Handelman Co.’s holdings in ConocoPhillips were worth $13,776,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of ConocoPhillips by 379.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 40,094,754 shares of the energy producer’s stock worth $4,210,751,000 after purchasing an additional 31,736,423 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of ConocoPhillips by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 31,610,608 shares of the energy producer’s stock valued at $3,319,746,000 after buying an additional 437,709 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in ConocoPhillips by 30.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,972,545 shares of the energy producer’s stock worth $942,297,000 after buying an additional 2,080,625 shares during the period. Ameriprise Financial Inc. increased its stake in ConocoPhillips by 15.1% in the 1st quarter. Ameriprise Financial Inc. now owns 8,202,861 shares of the energy producer’s stock worth $861,490,000 after buying an additional 1,073,906 shares in the last quarter. Finally, Nuveen LLC bought a new stake in ConocoPhillips during the first quarter valued at about $658,981,000. Institutional investors own 82.36% of the company’s stock.

ConocoPhillips Price Performance

Shares of ConocoPhillips stock opened at $96.72 on Friday. The stock has a market cap of $120.80 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 2.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a 50 day moving average price of $94.72 and a 200-day moving average price of $93.03. ConocoPhillips has a one year low of $79.88 and a one year high of $116.08.

ConocoPhillips (NYSE:COP) last issued its quarterly earnings results on Thursday, August 7th. The energy producer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. ConocoPhillips had a return on equity of 14.60% and a net margin of 15.26%.The company had revenue of $14.94 billion during the quarter, compared to the consensus estimate of $14.39 billion. During the same period last year, the company earned $1.98 earnings per share. ConocoPhillips’s revenue was up 4.3% on a year-over-year basis. Equities analysts expect that ConocoPhillips will post 8.16 EPS for the current year.

ConocoPhillips Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Monday, August 18th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, August 18th. ConocoPhillips’s dividend payout ratio is presently 41.88%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Mizuho dropped their price objective on ConocoPhillips from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Raymond James Financial reduced their price objective on shares of ConocoPhillips from $117.00 to $115.00 and set an “outperform” rating on the stock in a research report on Monday, September 8th. Royal Bank Of Canada lowered their target price on shares of ConocoPhillips from $115.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, July 11th. Morgan Stanley reaffirmed an “overweight” rating and set a $123.00 target price (up from $119.00) on shares of ConocoPhillips in a research note on Sunday, August 10th. Finally, UBS Group boosted their price target on shares of ConocoPhillips from $116.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, ConocoPhillips has an average rating of “Moderate Buy” and an average target price of $120.14.

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.